Sign in
The institutional portion of Al Majed Oud’s Tadawul IPO was 15.6x oversubscribed, leading the perfume maker to price its IPO at the top of its indicative range at SAR 94 a piece, according to a press release. The final pricing is set to see Al Majed Oud raise SAR 705 mn in proceeds and give it a market cap of SAR 24 bn at listing when it takes a 30% stake to market in a secondary share sale.
What’s next? Retail investors can place their orders starting Sunday, 15 September. 100% of the offering is currently being allocated to institutional investors, but the financial advisor could allocate 20% to retail investors if there is sufficient demand. The final allocation of shares is slated for Thursday, 19 September.
Use of proceeds + lockup: Some SAR 25 mn of the proceeds will go towards covering IPO-related costs, while the rest will be split among the selling shareholders on a pro rata basis. Major shareholders will not be able to sell down their positions for a six-month period starting from the first day of trading. Meanwhile, the company is not allowed to issue or list any additional shares of the same category during the same period.
ADVISORS- BSF Capital is acting as financial advisor and lead manager, while Baker McKenzie is providing counsel to the issuer. Stat is counsel to the financial advisor, underwriter manager, institutional subscription manager, and lead underwriter. PwC is running financial due diligence, while Euromonitor International is the market study advisor and BDO Dr. Mohamed Al Amri & Co is the independent financial auditor.
