Saudi “Bin Dawood Holding” sets the IPO share price at 96...

Saudi “Bin Dawood Holding” sets the IPO share price at 96 riyals

Prepares to offer 20% of the capital to trade on the main stock market


Thursday – 21 Safar 1442 AH – 08 October 2020 AD Issue No. [
15290]

The retail chain “Danube” from the Saudi “Bin Dawood Group” investments, which is expected to be subscribed soon (Reuters)

Riyadh: «Middle East»

The Saudi “Bin Dawood Holding Company” and its joint financial advisors “Goldman Sachs Saudi Arabia” and “GB Morgan Saudi Arabia” announced the successful completion of building the order book for the institutions underwriting in accordance with the instructions of the Capital Market Authority, setting the final price for its initial offering at 96 riyals ( $ 25.6) per share.
According to the statement issued yesterday, the process of building the order book attracted subscription applications worth 106.9 billion riyals (28.5 billion dollars) and resulted in the subscription being covered by 4870 percent of the total shares offered, with the share of public funds, private funds and discretionary investment portfolios an estimated 1747 in 100 percent, and non-Saudi investors – including investors in the Gulf Cooperation Council countries, qualified foreign investors, and non-resident investors through swap agreements – 445 percent, and other entities, including government institutions, private companies, financial institutions and authorized persons, 2677 percent.
Ahmed Abdul Razzaq bin Dawood, CEO of “Bin Dawood Holding Company”, said: “He is pleased with what we have witnessed from the strong turnout of the institutional segment to subscribe to (Bin Dawood Holding) shares, which reflects the subscribers’ confidence in our ability to successfully and efficiently implement our strategy to become a brand. The leader in food retailing in the Saudi market.
He added: “We look forward to welcoming the addition of a diverse base of institutional shareholders committed to long-term investment with the close of the retail subscription period beginning in the next few days … We also look forward to welcoming new shareholders from Saudi citizens and residents to join us; As we start a new phase of an ambitious and continuous growth journey. ”
He added: “The public offering provides an opportunity for new institutional and individual investors to participate in a long-term growth journey, at a time when studies on the sector indicate that the value of the food retail market in its modern form in the Kingdom is estimated at 57 billion riyals (15.2 billion dollars) in a year. 2019, ”adding:“ There is a possibility to grow by 5 percent annually until 2024. ”
After setting the final offer price at 96 riyals ($ 25.6) per share, the company’s market value upon listing is about 10.2 billion riyals ($ 2.9 billion), while the total offering volume is about 2.1 billion riyals ($ 585.2 million), which includes the offering. 22.8 million ordinary shares of existing company shares that are followed by existing shareholders.
The entire shares were allocated for the benefit of the underwriting companies on a temporary basis, at a time when it may drop to 20.5 million shares, representing 90 percent of the total number of shares, depending on the level of demand by individual subscribers in Saudi Arabia, and the final total of the offering shares allocated to the institutional segment will be determined. Based on retail subscribers’ shares.
It is noteworthy that the Saudi “Bin Dawood Holding Company” announced its intention to sell 20 percent of its shares in a public offering for listing on the main Saudi stock market (Tadawul) for a total of 22.8 million shares, representing 20 percent of the company’s capital, at a time when the distribution will take place. Subscription proceeds for current shareholders.

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