Dubai: Arabian Centres Company, an operator and developer in Saudi Arabia, completed its Initial Public Offering (IPO) with the conclusion of the retail offering, it said.
The one-day retail offering took place on May 9, and saw over 26,000 individual investors subscribe for 5.7 million shares at the IPO price of 26 Saudi riyals per share. The IPO price implies a market capitalisation of 12.4 billion Saudi riyals (Dh12.14 billion riyals).
The offering includes a total of 95 million shares — comprised of 65 million existing ones sold by current shareholders and another 30 million new shares to be issued by way of a capital increase.
The retail offering followed the completion of the institutional book-building process, which generated an order book of 3.1 billion Saudi riyals. Of those, 57.1 per cent went to public funds, private funds, and other portfolios, while 16.7 per cent went to non-Saudi investors. The remaining 26.1 per cent went to government institutions, private companies, and financial institutions, among others.
The company had hired Samba Capital and Investment Management Company, Morgan Stanley Saudi Arabia, NCB Capital Company, and Goldman Sachs Saudi Arabia to act as joint financial advisers and joint bookrunners. Citigroup Saudi Arabia, Credit Suisse Saudi Arabia, EFG Hermes KSA, Emirates NBD Capital KSA, and Natixis were hired to act as joint bookrunners in connection with the offering.