Logo of Al Mawarid Manpower Co.
Al Mawarid Manpower Co. announced today, April 13, issuing the prospectus for its planned initial public offering (IPO) on the Saudi Exchange (Tadawul).
The share sale was greenlit by the Capital Market Authority (CMA) on Dec. 26, 2022.
The company plans to offer 30% of its SAR 15 million share capital (SAR 150 million).
Individual investors can subscribe to Al Mawarid Manpower shares from May 28-30. The retail offering will be preceded by the book-building process from May 9-15.
The subscription targets two tranches:
Participating parties: Those entitled to participate in the book-building process, including investment funds, companies, Qualified Foreign Investors, GCC Corporate Investors and certain other Foreign Investors pursuant to swap agreements. The tranche is allocated 100% of the offer shares. In case there is sufficient demand by individual investors for the offer shares, the lead manager and the bookrunners have the have the right to reduce the number of offer shares allocated to Participating Parties to 90%, or 4.05 million shares.
Individual Investors: This tranche comprises Saudi natural persons, any non-Saudi natural person who is resident in the Kingdom and GCC persons. A maximum of 450,000 shares will be allocated for individual subscribers, representing 10% of total offer shares.
The company was established in 2012 as a closed joint stock company in Riyadh. Al Mawarid Manpower operates through the corporate segment, the individual segment and the hourly rental.
The company has a market share of over 10%. The company has a strong presence in the manpower market through its presence in seven major cities with 13 branches throughout the Kingdom.
It owns 100% of Musanid Almawarid for Operation and Maintenance Co. and Sawaid Recruitment Co.
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Company Profile |
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Company |
Al Mawarid Manpower Co. |
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Market |
Main Market |
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Core Activities |
Recruitment services of domestic labor for public and private companies as well as individual clients |
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Capital |
SAR 150 mln |
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Number of shares |
15 mln |
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Offering Details |
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Issue Percentage |
30% |
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Offered Shares |
4.5 mln ordinary shares |
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Qualified Subscribers |
- Participating categories that include investment funds, QFIs, legal entities and GCC investors. - Retail investors |
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IPO Minimum Limit for Retail Investors |
10 shares |
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Minimum Size for Institutional Investors |
100,000 shares |
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IPO Maximum Size for Retail Investors |
250,000 shares |
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Maximum Size for Institutional Investors |
749,999 shares |
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Book-Building Process |
May 9-15, 2023 |
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Retail Offering Period (1 day) |
May 28-30, 2023 |
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Final Allocation |
June 5, 2023 |
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Surplus Refunds (if any) |
June 6, 2023 |
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Financial Advisor, Lead Manager, Bookrunner and Underwriter |
AlJazira Capital |
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Receiving Banks |
Bank AlJazira – Al Rajhi Bank |
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Major Shareholders |
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Shareholders |
Pre-IPO |
Post-IPO |
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Number of Shares (‘000 shares) |
Ownership (%) |
Number of Shares (‘000 shares) |
Ownership (%) |
|
|
Alomaier Trading and Contracting Co. |
5.13 |
34.20% |
3.60 |
23.94% |
|
Al-Ayuni Investment and Contracting Co. |
5.13 |
34.20% |
3.60 |
23.94% |
|
Saudi Edarah Co. |
1.42 |
9.46% |
0.99 |
6.62% |
|
Khalda Trading Group |
1.08 |
7.21% |
0.76 |
5.05% |
|
Almawarid kom Trading Group |
1.00 |
6.66% |
0.70 |
4.66% |
|
Alsaraya Investment Co. |
0.78 |
5.20% |
0.55 |
3.64% |
|
Riyadh Ibrahim Romaizan Alromaizan |
0.24 |
1.57% |
0.16 |
1.09% |
|
Wathbah Investment Co |
0.15 |
1.00% |
0.11 |
0.70% |
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Others |
0.08 |
0.50% |
0.05 |
0.36% |
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Public |
-- |
-- |
4.50 |
30% |
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Total |
15.00 |
100.00% |
15.00 |
100.00% |
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