Raydan Restaurants issues prospectus for IPO on Parallel Market

Raydan Restaurants and Cuisines Co. has issued a prospectus for its initial public offering (IPO) in the Nomu Parallel Market without setting a date for the planned share sale.

The company has also not set the allotment, refund dates, or the price issue, but has appointed Alistithmar Capital as financial advisor and lead manager for the offering.

Raydan will float 6.75 million shares, or 30 percent of its capital.

Qualified investors are entitled to subscribe to the company’s shares at a maximum of 1.12 million shares.

Proceeds will be disbursed to selling shareholders on a pro rata basis after deducting the offering costs.

The restaurant operator reported a net profit of SAR 36.60 million for the first nine months of 2016. Revenue stood at SAR 236 million in the same period.

Assets stood at SAR 317.2 million as of September 30, 2016, while shareholders’ equity reached SAR 245.2 million. The company has short-term debts of SAR 43 million.

On January 30, the Jeddah-based company received the Capital Market Authority’s approval on its prospectus.

Major Shareholders after IPO
Stake (%)	Number of shares (mln)	Shareholders
8.40%	1.89	Awadallah Al Salami
29.40%	6.62	Mansour Awadallah Al Salami
8.40%	1.89	Naser Awadallah Al Salami
8.40%	1.89	Mishaal Awadallah Al Salami
3.85%	0.87	Nassar Awadallah Al Salami
3.85%	0.87	Ahmed Awadallah Al Salami
3.85%	0.87	Mohamed Awadallah Al Salami
3.85%	0.87	Khalid Awadallah Al Salami
30.00%	6.75	Public shareholders
100.00%	22.50	Total

Company profile
Company	Raydan Restaurants & Cuisines Co.
Stock Market	Parallel market
Core Business	Establishing restaurants to sell meals, provide catering services, whole sale and retail desert sales and other services.
Capital	SAR 225 mln

IPO Details
30% of capital	IPO percentage
6.75 mln shares	No. of shares offered
To be determined	Issue price
To be determined	Gross IPO proceeds
Qualified investors as defined by CMA	Subscriber eligibility
--	Minimum limit
1,124,999 shares	Maximum limit
To be determined	IPO period
To be determined	Allotment date

Raydan’s Income Statement
September 2016	Period
235.97	Revenues(SAR mln)
36.60	Net Profit(SAR mln)
22.50	Average no. of shares (mln)
1.63	Earnings/share (SAR)

Income Statement Since 2013
Period	2013	2014	2015
Revenues (SAR mln)	314.13	255.21	314.13
Net Profit (SAR mln)	50.22	34.14	50.22
Average No. of shares	22.50	22.50	22.50
Earnings/share (SAR)	2.23	1.52	2.23

Significant Balance Sheet Items (SAR mln)
9M 2016 – unaudited	2015	2014	2013	Period
22.82	40.22	37.18	16.62	Current Assets
317.24	336.64	329.64	181.09	Non-current Assets
43.01	45.31	9.06	45.00	Current liabilities
--	23.04	56.80	--	Non-current liabilities
72.01	93.12	87.31	71.01	Total liabilities
225.00	225.00	225.00	100.00	Capital
245.22	243.52	242.33	110.08	Shareholders’ equity

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