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Naqi shares debut on Tadawul today
Logo of Naqi Water Co.
Naqi Water Co. will begin trading on the Saudi Exchange (Tadawul) today, Aug. 15, under the food and beverages industry group with symbol 2282 and ISIN code SA15JH2H3L19.
The daily and static price fluctuation limits of ±30% and ±10%, respectively, will be applied during the first three days of the listing.
From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10% and the static price fluctuation limits will no longer apply.
This will be the 10th listing on the main market this year, after East Pipes Integrated Company for Industry (Jan. 24), Scientific & Medical Equipment House Co. (Jan. 31), Elm Co. (Feb. 3), Al-Dawaa Medical Services Co. (Feb. 27), Al Masane Al Kobra Mining Co. (March 9), Nahdi Medical Co. (March 13), Saudi Home Loans Co. (March 27), Retal Urban Development Co. (June 5) and Alamar Foods (Aug. 9).
Last year witnessed nine listings, including Alkhorayef Water and Power Technologies Co. (March 1), Theeb Rent a Car Co. (March 29), Tanmiah Food Co. (Aug. 4), Arabian Internet and Communications Services Co. (solutions) (Sept. 30), ACWA Power (Oct. 11), Arabian Contracting Services Co. (Nov. 15), Nayifat Finance Co. (Nov. 22), Saudi Tadawul Group (Dec. 8) and Almunajem Foods Co. (Dec. 20).
Naqi Water’s listing will bring the total number of Tadawul-listed companies to 200, excluding 17 REITs.
The company offered six million shares, or 30% of its capital, on the main market, at SAR 69 per share, of which 90% was allocated to the participating parties and 10% to individual investors, according to data available with Argaam.
The retail subscription to the company's shares was 13.5x oversubscribed with a total orders value of SAR 560.1 million.
Each retail investor received a minimum of two shares, while the remaining shares were allocated pro rata based on the demand size of every subscriber to total shares. The allotment ratio was 1.79571%.
Naqi was established as a closed joint stock company in 2014 in Unayzah, Qassim. The company's capital currently stands at SAR 200 million.
Pursuant to its bylaws, the company’s business activities are transformative manufacturing; transportation and storage; wholesale and retail trade; repair of motor vehicles and motorcycles; trade; and manufacturing, mining and recycling (manufacturing of beverages).
In accordance with the main and branch commercial registrations, the company’s activities consist of the production and bottling of pure filtered water; wholesale of all kinds of bottled water; wholesale of soft drinks and juices; and retail sale of beverages in specialized stores.
The company has two key business segments, water wholesale and retail.
Naqi increased its capital several times since inception as follows:
|
Capital Hike Details |
|
||||
|
Period |
Capital before increase |
Capital after increase |
Method |
|
Details |
|
June 2017 |
-- |
SAR 45.34 mln |
During the period, the sole proprietorship was transformed into a limited liability company, owned by Amin Al-Mallah and Yasser Al-Aqeel with a 50% ownership rate each. |
|
Divided into 45,340 in-kind shares (8,160 shares of which are real estate, and 37,200 shares consist of machinery, equipment, cars, desalination plants, devices and pre-operation expenses, laboratory devices, computers, fire extinguishers, air-conditioners, equally contributed by partners at a nominal value of SAR 1,000 per share. |
|
December 2019 |
SAR 45.34 mln |
SAR 85.34 mln |
Each shareholder increased his investment by SAR 15.7 million, along with adding a new shareholder, Alsad Modern Advanced Co., with an investment of SAR 8.5 million. |
|
Divided into 85.34 shares with a nominal value of SAR 100 per share, through the issuance of 40,000 new monetary shares paid in full by the partners at 15,730 shares each, the remaining 8,534 shares were paid at a 10% ownership rate by a new partner, Alsad Modern Advanced Co. |
|
December 2020 |
SAR 85.34 mln |
SAR 150 mln |
This was done by combining the amounts under capital increase account of SAR 40 million, paid in cash by Alsad, and the transfer of SAR 64.5 million from the retained earnings account. |
|
Divided into 150,000 shares at a nominal value of SAR 1,000 each, though capitalization of SAR 57.3 million of the retained earnings account and SAR 7.4 million from the company's regulatory reserves. |
|
January 2021 |
SAR 150 mln |
SAR 170 mln |
The capital hike was financed from retained earnings and regulatory reserves |
|
Divided into 170,000 shares at a nominal value of SAR 100 each, though capitalization of SAR 12.2 million of the retained earnings account and SAR 7.8 million from the company's regulatory reserves. |
|
December 2021 |
SAR 170 mln |
SAR 200 mln |
The capital hike was financed from retained earnings and regulatory reserves |
|
Divided into 20 million shares at a nominal value of SAR 10 each, though capitalization of SAR 30 million of the retained earnings account |
Since its inception, the company has witnessed sustainable growth, as its total sales (at the manufacturer selling prices) reached nearly SAR 277.8 million in 2021, up from SAR 144.2 million in 2018. This represents the company’s 4.8% share of the Kingdom’s bottled water market in terms of sales volume in 2021.
The following table shows Naqi’s sales and market share in terms of volume:
|
Naqi’s Sales, Market Share |
||
|
Period |
Total sales volume (mln liters) |
Market share (sales volume) |
|
2018 |
168.7 |
2.7 % |
|
2019 |
242.5 |
3.9 % |
|
2020 |
286.4 |
4.7 % |
|
2021 |
322.5 |
4.8 % |
Significant agreements:
The company entered into a number of agreements for purposes related to its business, and the following is a summary of the agreements that the company considers to be substantial:
|
Significant Agreements Details |
|||
|
Agreement |
Parties |
Term/renewal mechanism |
Value (SAR/mln) |
|
Agreements with major clients |
|||
|
Water bottles supply & distribution agreements |
Naqi as a seller and Sulaiman Al Ajmi Est. as a distributer |
One year from Jan. 1, 2021. Renewed automatically |
13.29 |
|
Naqi as a seller and Taif Al Raki Est. as a distributer |
One year from Jan. 1, 2021. Renewed automatically |
11.81 |
|
|
Naqi as a seller and Ali Abu Saeed Trading Est. as a distributer |
One year from Jan. 1, 2021. Renewed automatically |
11.53 |
|
|
Agreements with major suppliers |
|||
|
Supply deals |
Naqi as a buyer and Riyadh Carton Factory as a seller |
None |
10.73 |
|
Company Profile |
|
|
Company |
Naqi Water Co. |
|
Market |
Main market |
|
Core Activities |
Production and bottling of pure filtered water |
|
Capital |
SAR 200 mln |
|
Number of Shares |
20 mln |
|
Company’s Major Shareholders |
||||
|
Shareholders |
Pre-IPO |
Post-IPO |
||
|
Number of Shares (mln shares) |
Ownership% |
Number of Shares (mln shares) |
Ownership% |
|
|
Amin Al Mallah |
10.00 |
50% |
7.00 |
35% |
|
Alsad Modern Advanced Co. |
10.00 |
50% |
7.00 |
35% |
|
Public |
-- |
-- |
6.00 |
30% |
|
Total |
20.00 |
100.00% |
20.00 |
100.00% |
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