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Amlak International’s IPO prices shares at 16 riyals

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The Saudi Stock Exchange in Riyadh. NCB Capital, financial advisor, lead manager, bookrunner and underwriter for Amlak International’s IPO, announced the successful completion of the book building process. Image Credit: Reuters

Dubai: NCB Capital, financial advisor, lead manager, bookrunner and underwriter for Amlak International’s IPO, announced the successful completion of the book building process for institutions and investment funds subscribing to the company’s shares, with the coverage ratio reaching times. The shares will be offered at a price of 16 Saudi riyals per share.

Public and private funds and discretionary portfolio managers (DPMs) amounted to 43.4 per cent of the coverage, while the authorized persons, Saudi listed companies, insurance companies, private companies, endowments and qualified financial institutions (QFIs), reached 56.6 per cent of the coverage.

NCB Capital added that it has completed, with the receiving agents, all the necessary preparations to ensure the success of the IPO, which will start on Thursday July 2, 2020), and will be completed by the end of July 5, 2020). NCB Capital added that all offered shares (27,180,000) will be allocated to the participating institutions and investment funds, representing 100 per cent of the total shares offered. In the event that there is sufficient demand from individual subscribers, the IPO’s Lead Manager, with the approval of the CMA, has the right to reduce the number of allocated shares to the participating entities to 24,462,000 shares, representing 90 per cent of the total shares offered, and offer a maximum of 2,718,000 shares, representing 10% of the total shares offered, to individual subscribers.

It has been agreed with the receiving agents (Saudi Investment Bank, National Commercial Bank, Al Rajhi Bank and Bank Al Jazira) to provide all the information and the platforms needed by investors within the receiving agents’ branches and electronic channels to receive subscription requests, including their websites, ATMs and telephone banking services..

Amlak International is one of the leading specialized real estate financing companies in the Kingdom, with a track record of innovation and development of Sharia-compliant real estate financing solutions, serving both corporates and individuals, with a wide range of products and services including financing of ready properties, off-plan properties from approved developers, land purchases and construction.

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