The Saudi Stock Exchange, also known as the Tadawul, in Riyadh. Amlak International, Saudi Arabia’s leading non-bank real estate finance company said on Sunday its IPO will be priced in the range of 15 to 17 riyals. Image Credit: File photo

Dubai: Amlak International, Saudi Arabia’s leading non-bank real estate finance company and NCB Capital (NCBC), financial advisor, bookrunner, underwriter and lead manager for Amlak international’s IPO, announced that the price range of Amlak International’s offer shares has been set between 15 and 17 riyals.

The book building process will start Monday June 22,2020 aiming at offering Amlak International’s shares for public subscription and will continue until Monday June 29, 2020.

NCB Capital said that the final share price will be set after the end of Amlak International’s IPO book building process, which targets two investor groups. The Institutional group includes investment funds, companies and qualified foreign investors, GCC investors that are considered as legal personalities, authorized individuals to deal in securities as principals, companies in the banking and insurance sectors, directors of companies’ portfolios listed in the financial market, and unlisted Saudi companies under the conditions established by the IPO Prospectus.

The Individuals group includes Saudi citizens, including divorced Saudi women or widows who have minor children from a non-Saudi husband, any ordinary non-Saudi resident who has a bank account with one of the receiving parties, in addition to individual GCC investors.

The subscription process for the participating entities during the IPO period, which includes individual subscribers, starts on Thursday July 2, 2020, and lasts for 4 days, including the closing day of the IPO, ending on Sunday, July 5, 2020.

NCB Capital said 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 per cent of the total shares offered, to individual subscribers.