What you need to know about IPO-bound L’Azurde

L’Azurde for Jewelry Co., which plans to sell 30 percent of the company in an initial public offering from June 5 to June 13, was founded in Riyadh in 1980 as a modest jewelry workshop.

The company’s capital has now reached SAR 430 million, divided into 43 million shares.

On Monday, the jewelry maker obtained approval from the Capital Market Authority (CMA) to sell as many as 12.9 million shares, or 30 percent of the company’s capital, to the public in an initial public offering (IPO) after the book building process is complete.

L’Azurde is one of the few manufacturers that produce both 18K and 21K gold jewelry. It designs, manufactures and distributes gold, diamond and precious gemstones either directly, or through its distributors in Saudi Arabia and other countries.

The firm has received accreditation from the London Bullion Market Association and was included in the LBMA Good Delivery List as of June 1st, 2010.

The company has 11 showrooms in the kingdom, two in Egypt and two in the United Arab Emirates (UAE).

The company’s profit in FY-2015 reached SAR 100.6 million (SAR 2.34/share), up from SAR 86.3 million for the previous year, according to data available on Argaam.

Last year, revenues increased 4 percent, and profit rose 7 percent on foreign exchange gains.

L’Azurde increased its capital to SAR 430 million from SAR 300 million in 2015 by issuing bonus shares.

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