Al Majed for Oud Company lists 30 per cent stake
The company operates 286 stores, with 237 located in Saudi Arabia
Dubai: Al Majed for Oud Company plans to list 30 per cent of its capital, equivalent to 7.5 million shares, on the Saudi stock exchange.
The company is a manufacturer of perfume and oud products with a valuation of $200 million (Dh734 million)
The final price for the Initial Public Offering (IPO) will be set following the book-building period, which will take place from August 25 to August 29.
On September 15, the company will offer 1.5 million shares, or 20 per cent of the total offer, to retail investors for a single day, according to a report by Saudi financial news portal Argaam.com.
The company operates 286 stores, with 237 located in Saudi Arabia and 49 in other GCC countries.
According to market research report, Euromonitor International, the fragrance market in Saudi Arabia is expected to grow at a compound annual growth rate of 11 per cent from 2023 to 2027, reaching $3.5 billion by 2027.
This growth is anticipated to be fuelled by increased disposable income, and growing recreational tourism.