Logo of Derayah Financial Co.
Retail investors began subscribing today, Feb. 20, to 4.99 million shares of Derayah Financial Co. at SAR 30 per share, which was determined through the book-building process.
The retail tranche accounts for 10% of the total offering, with the subscription running for three days until Dec. 22.
In December, the Capital Market Authority (CMA) approved Derayah’s request to float 49.95 million shares, or 20% of the post-IPO capital, on the Main Market (TASI).
The offering includes the sale of 4.69 million shares, or 1.88% of post-IPO capital, to Saleh Al-Olyan, a major shareholder.
The institutional subscription ended last week, with the offering 162x oversubscribed.
Derayah’s IPO will be the first on the Main Market in 2025.
Tadawul witnessed 14 IPOs last year, following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30, Modern Mills for Food Products Co. on March 5, Miahona Co. and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28, Rasan Information Technology Co. on May 29, Almajed for Oud Co. on Sept. 15, Arabian Mills Co. on Sept. 18, Fourth Milling Co. (MC4) on Oct. 2, Tamkeen Human Resources Co. on Nov. 5, United International Holding Co. on Nov. 19, Almoosa Health Co. on Dec. 23 and Nice One Co. on Dec. 24.
Company Info:
Riyadh-headquartered Derayah Financial is a joint stock company established in April 2009.
The company's current capital is SAR 499.5 million, divided into 249.74 million shares, at a par value of SAR 2 per share.
The company's main activity, according to its articles of association and as stated in its commercial register, is dealing in securities, managing investments and operating funds, arranging, advising and custody of securities.
Derayah provides asset management and brokerage services, managing assets worth more than SAR 11 billion, facilitating more than 430,000 brokerage accounts, and total assets under management at SAR 15 billion by the end of June 2024.
According to the prospectus, the company holds a 14% market share of the online trading market in the Kingdom, making it the third-largest digital broker in the country. Its market share increased significantly from 5% in 2018.
The company's client accounts base grew 12-fold, rising from 36,000 in 2016 to 434,000 in 2023.
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Company Profile |
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Company |
Derayah Financial Co. |
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Core Activities |
Dealing in securities, investment management |
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Capital |
SAR 499.47 mln |
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Number of Shares |
249.74 mln |
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Share Par Value |
SAR 2 per share |
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IPO Summary |
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Issue Percentage |
20% of total capital |
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Offer price |
SAR 30 per share |
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Offered shares |
49.95 mln |
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Qualified subscribers |
Retail subscribers |
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Minimum subscription limit (retail investors) |
10 shares |
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Maximum subscription limit (retail investors) |
250,000 shares |
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Offer period |
Three days from Feb. 20-22, 2025 |
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Final Allocation |
Feb. 27, 2025 |
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Refund (if any) |
March 4, 2025 |
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Additional Information |
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Financial Advisor and Lead Manager |
HSBC Saudi Arabia |
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Receiving Banks |
Derayah Financial, Alinma Investment, Al Rajhi Capital, SNB Capital, Riyad Capital, ANB Capital, Alistithmar Capital AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, BSF Capital, Yaqeen Capital |
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Company Shareholders |
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Shareholders |
Before IPO |
After IPO |
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Number of Shares (mln) |
Ownership (%) |
Number of Shares (mln) |
Ownership (%) |
|
|
Taha Abdulaziz Al-Kuwaiz |
60.54 |
24.2 % |
48.08 |
19.3 % |
|
Abdulzziz AlKuwaiz |
23.82 |
9.5 % |
18.92 |
7.6 % |
|
Sanad Investment Co. |
23.12 |
9.3 % |
18.36 |
7.4 % |
|
Al Touq Co. Ltd. |
17.1 |
6.8 % |
13.6 |
5.4 % |
|
Hashem Othman |
12.0 |
4.8 % |
9.5 |
3.8 % |
|
Abdulwahab S. Al-Sayed |
12.0 |
4.8 % |
9.5 |
3.8 % |
|
Prince Fahd Saad Al Saud |
11.5 |
4.6 % |
9.2 |
3.7 % |
|
Abdulaziz Al-Showaier |
11.3 |
4.5 % |
8.9 |
3.6 % |
|
Mubarak Baarmah |
8.9 |
3.6 % |
7.1 |
2.8 % |
|
Mohammed M. Al-Rashid |
7.5 |
3.0 % |
5.9 |
2.4 % |
|
Muwaiya H. Al-Hanati |
7.5 |
3.0 % |
5.9 |
2.4 % |
|
Abdulaziz Al-Mishaal |
7.5 |
3.0 % |
5.9 |
2.4 % |
|
Mohammed Al-Shammasi |
5.5 |
2.2 % |
4.4 |
1.7 % |
|
Derayat Alinma Trading Co. |
4.4 |
1.8 % |
3.5 |
1.4 % |
|
Faisal Khalid Al-Hamdan |
3.8 |
1.5 % |
3.0 |
1.2 % |
|
Kamal A. Bahamdan |
2.6 |
1.1 % |
2.1 |
0.8 % |
|
Fawzia S. Al-Saeed |
2.6 |
1.1 % |
2.1 |
0.8 % |
|
Dar Investment Company for Management and Development |
2.3 |
0.9 % |
1.8 |
0.7 % |
|
Manar Talal Bakhsh |
2.0 |
0.8 % |
1.6 |
0.6 % |
|
Faisal M. Al-Suhaili |
1.6 |
0.7 % |
1.3 |
0.5 % |
|
Saad M. Al-Suhaili |
1.6 |
0.7 % |
1.3 |
0.5 % |
|
Fahd M. Al-Suhaili |
1.6 |
0.7 % |
1.3 |
0.5 % |
|
Ahmed M. bin Halim |
1.5 |
0.6 % |
1.2 |
0.5 % |
|
Thamer S. Al-Shuaibi |
1.2 |
0.5 % |
0.95 |
0.4 % |
|
Hind M. Al-Suhaili |
0.82 |
0.3 % |
0.65 |
0.3 % |
|
Haifa M. Al-Suhaili |
0.82 |
0.3 % |
0.65 |
0.3 % |
|
Talal M. Al-Nasiri |
0.75 |
0.3 % |
0.60 |
0.2 % |
|
Mansour Kaaki |
0.75 |
0.3 % |
0.60 |
0.2 % |
|
Fahd Ali Al-Suhaili |
0.75 |
0.3 % |
0.60 |
0.2 % |
|
Ibrahim Al-Harabi |
0.68 |
0.3 % |
0.54 |
0.2 % |
|
Abdulhadi Ali Shayif |
0.65 |
0.3 % |
0.52 |
0.2 % |
|
Thamer R. Al-Dosari |
0.33 |
0.1 % |
0.26 |
0.1 % |
|
Ahmed Al-Omar |
0.23 |
0.1 % |
0.18 |
0.1 % |
|
Abdul Mohsen Al-Hekail |
0.15 |
0.1 % |
0.12 |
-- |
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Abdulaziz Al-Rashid Al-Ashban |
0.13 |
0.1 % |
0.11 |
-- |
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Public |
-- |
-- |
49.95 |
20 % |
|
Total* |
242.67 |
97.2 % |
242.68 |
97.2 % |
*Total treasury shares amount to 7.06 million, representing 2.8% of the company’s capital
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