Retail subscription to Alsaif Gallery’s IPO starts today

Logo of Alsaif Gallery

Retail investors will start today, Dec. 5, subscription to about 1.05 million shares of Al-Saif Stores for Development & Investment Co. (Alsaif Gallery), or 10% of total offered shares, at SAR 115 each, as set by the book-building process. 

The subscription process for the retail tranche will run for two days, until Dec. 6. 

The Capital Market Authority (CMA) approved on Sept. 28 the company's request to float a 30% stake, or 10.5 million shares, in an initial public offering (IPO).

The company’s institutional offering, which ended last week, was 1,550% covered. 

This will be the 16th 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), Alamar Foods (July 20), Naqi Water Co. (July 27), Arabian Drilling Co. (Oct. 18) and Power and Utility Company for Jubail and Yanbu (MARAFIQ) (Oct. 26), Perfect Presentation for Commercial Services Co. (2P) (Nov. 1), Americana Restaurants International Plc (Americana Restaurants) (Nov. 14), and Riyadh Cables Group Co. (Nov. 21).

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). 

Company Profile 

Established in Riyadh on June 9, 1993, the company currently operates in retail sale of home utensils. It operates 58 stores in 29 Saudi cities, under Al-Saif Gallery branch, in addition to an online store that target clients in Saudi Arabia and the GCC.

Al Saif Gallery opened its first store in 2006. It operates in the field of kitchen gadgets, electrical appliances and household products.

The planned-to-be-offered stake represents 30% of the company’s share capital reaching 35 million shares.

Company Stores

Alsaif Gallery has 58 branches across five regions covering most cities and governorates of the Kingdom as of March 31, 2022.

The company opened 24 new branches during 2019 and 2021, and two branches in the three-month period ending on March 31, 2022, of which 26 branches are registered with the Ministry of Commerce.

It also owns two warehouses in Riyadh to support its stores and supply them with products and goods, with a total area of more than 35,000 square meters.

Market Share

The company's market share amounted to about 27.1% of the small household appliances sector in the Kingdom.

Also, it controlled 39% of the cooking supplies and serving tools sector for 2021.

Sulaiman bin Mohammed bin Saleh Al-Saif is currently the company’s Chairman, who owns 92.5% of Alsaif Gallery’s shares before the offering.

Following the IPO, Sulaiman Saleh Al-Saif’s ownership will decrease to 62.5%. The following are the details of the company's major shareholders: