Maharah Human Resources launches book building process

Maharah Human Resources Co. has launched on Sunday the book building process for its initial public offering (IPO), Samba Capital, the financial advisor, underwriter and lead manager, said in a statement.

The book building process will run from April 21 to 29, 2019.

The company plans to float 11.25 million shares, or 30 percent of capital amounting to SAR 375 million.

The offering price will be determined after the completion of the book building process.

Maharah will allocate 10.125 million shares, or 90 percent of the total offering size to institutional investors and funds.

Meanwhile, a total of 1.125 million shares, or 10 percent of the offering size, will be offered to retail investors.

The lead manager has the right to reduce this percentage, if retail investors fail to fully subscribe to the offered shares.

Maharah aims to provide the market with workforce and domestic helpers for the public and private sectors, said Yousef Alghafari the company’s chief executive officer.

The company focuses on offering innovative solutions to human resource departments in different sectors and companies.

Maharah, which was established in March 2013, is likely to benefit from the Kingdom’s economic growth as it aims to provide more solutions to maximize revenue and tap the entrepreneur and retail sectors.

“We have a solid position in the Saudi market and hold a strong market share in the local retail and entrepreneur sectors. Maharah operates through 18 branches in addition to its headquarter offices in Riyadh and King Saud University,” Alghafari concluded.