Amlak International for Real Estate Finance, Saudi Arabia’s leading non-bank real estate finance company, issued on Monday a prospectus for its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).
Amlak will float 27.18 million shares, or 30% of its share capital.
On Dec. 25, 2019, the Capital Market Authority (CMA) approved Amlak’s request to sell 27.18 million shares, or a 30% of its capital, in an IPO.
Last week, the market regulator extended its approval for floating and listing Amlak’s shares until July 15, 2020.
The IPO targets 2 tranches:
Participating parties
This tranche comprises institutions and companies, including qualified foreign investors and companies, Gulf investors and legal personality. It includes all categories of investors entitled to participate in the book-building process.
A total of 27.18 million shares or 100% of the offering size will be allocated to institutional investors, subject to a scaleback to 90% or 24.46 million shares.
The final allocation will follow the completion of the retail offering.
Retail investors
This tranche comprises Saudi nationals, including any Saudi female divorcee or widow with minor children from a non-Saudi father, and any non-Saudi natural person who is resident in the Kingdom and any GCC national, in each case who has a bank account with one of the receiving entities;
Up to 10% of the offering size or 2.72 million shares will be allocated to this tranche.
The book-building process for institutional investors will run from June 22 to June 29, while the retail offering from July 2-5.
After the IPO completion, Saudi Investment Bank (SAIB) will remain the biggest shareholder in the company with a 22.41% stake. Amlak Finance will rank second with an 18.35% stake.
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Major Shareholders |
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Before IPO |
After IPO |
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Shareholders |
Number of shares (mln shares) |
Stake % |
Number of shares (mln shares) |
Stake % |
|
SAIB |
29.00 |
32.01 % |
20.30 |
22.41 % |
|
Amlak Finance |
23.75 |
26.21 % |
16.63 |
18.35 % |
|
Al Tawfeek Development House Holding |
13.00 |
14.35 % |
9.10 |
10.04 % |
|
Makarem International Real Estate Development |
5.10 |
5.63 % |
3.57 |
3.94 % |
|
Aseer Trading & Tourism |
5.00 |
5.52 % |
3.50 |
3.86 % |
|
Remaining shareholders |
14.75 |
16.28 % |
10.32 |
11.40 % |
|
Public |
-- |
-- |
27.18 |
30.00 % |
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Total |
90.60 |
100 % |
90.60 |
100 % |
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Company’s Profile |
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Company |
Amlak International for Real Estate Finance |
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Market |
Saudi Stock Exchange (Tadawul) |
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Company core activity |
Real estate financing |
|
Status |
Active |
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Capital |
SAR 906 mln |
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IPO Summary |
|
|
Issue percentage (%) |
30% |
|
Number of shares offered |
27.18 mln shares |
|
IPO Price |
To be determined through book building process |
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Qualified subscribers |
- The participating categories which includes a group of qualified institutions, companies, foreign investors and Gulf investors with legal personality -Retail Investors |
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IPO minimum limit for retail |
10 shares |
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IPO minimum limit for participating categories |
100,000 shares |
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IPO maximum limit for retail |
1 mln shares |
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IPO maximum limit for participating categories |
4.53 mln shares |
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Requests recording period for participating categories and book building process |
8 days from June 22 until June 29, 2020 |
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Retail IPO period |
4 days from July 2 until July 5, 2020 |
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Final allotment |
July 12, 2020 |
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Surplus return |
July 14, 2020 |
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IPO Summary |
|
|
Issue percentage (%) |
30% |
|
Number of shares offered |
27.18 mln shares |
|
IPO Price |
To be determined through book-building process |
|
Qualified subscribers |
- Participating categories include institutions and companies, including qualified foreign investors and companies, Gulf investors and legal personality
-Retail Investors
|
|
IPO minimum limit for retail |
10 shares |
|
IPO minimum limit for participating categories |
100,000 shares |
|
IPO maximum limit for retail |
1 mln shares |
|
IPO maximum limit for participating categories |
4.53 mln shares |
|
Requests recording period for participating categories and book-building process |
8 days from June 22-29, 2020 |
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Retail IPO period |
4 days from July 2-5, 2020 |
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Final allotment |
July 12, 2020 |
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Surplus return |
July 14, 2020 |
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Additional Information |
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Financial advisor, lead manager, underwriter, institutional book runner |
NCBC |
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Receiving banks |
SAIB, NCB, Al Rajhi Bank, Bank Aljazira |
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