AMAK issues prospectus for 30% IPO on Tadawul

Logo of Al Masane Al Kobra Mining Co. (AMAK)

Al Masane Al Kobra Mining Co. (AMAK) announced the prospectus for the initial public offering (IPO) of 19.8 million shares, or 30% of its capital, on the Saudi Exchange (Tadawul).

On Dec. 22, 2021, the Capital Market Authority (CMA) approved an application by AMAK to sell 19.8 million shares, or 30% of its SAR 660 million capital (66 million shares), to the public.

AMAK, which was founded in 2007, operates Al Masane and Guyan mines.

The flagship Al Masane mine produces copper and zinc concentrates, as well as silver and gold alloys.

Guyan mine is located 12 kilometers away from Al Masane mine. It produces silver and gold alloys.

The IPO targets two tranches, mainly:

Participating parties: This tranche comprises the parties entitled to participate in the book-building process as specified under the book-building instructions. The number of shares that will be allocated initially is 19.8 million, representing 100% of the total IPO. Final allocation of the offer shares will be made after the end of the subscription period for individual investors. The lead managers shall have the right to reduce the number of shares allocated to participating parties to 13.86 million shares, representing 70% of the total offer shares.

Individual investors: This tranche comprises Saudi Arabian natural persons, in addition to any non-Saudi natural person who is resident in the Kingdom or any GCC natural persons, provided they have a bank account with one of the receiving entities and are allowed to open an investment account. The number of shares offered for retail investors amounts to 5.94 million shares maximum, or 30% of total offered shares.

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