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 |
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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