Dubai: Another Saudi IPO is coming through, with the perfumer Al Majed for Oud Company confirming its plans.
In early June, the company’s plans to offer 7.5 million shares was approved by Saudi Capital Market Authority. This represents 30 per cent of the capital base.
Al Majed for Oud Company has been in existence for more than 60 years and has a sizeable share of the Saudi fragrance market.
“As we prepare to list on the Saudi Exchange, we are poised to begin a new chapter that integrates our rich legacy with innovation and strategic expansion,” said Majed Ali Othman Al Majed. “This IPO serves as a testament to our growth and corporate governance, reinforcing our commitment to maintaining the highest standards of excellence for our stakeholders.”
The year-to-date performance of the Tadawul has been flat. Recent weeks had seen intensified volatility over US recession woes and the ongoing Middle East flashpoints. But those concerns did cool off last week, with the Saudi index up 0.6 per cent on Sunday (August 18).
The new IPO announcement will add to that sentiment. "This listing is driven by a strategic ambition to diversify our investor base and strengthen our business operations to accelerate our growth and expansion strategy, both locally and internationally," said Waleed Al Majed, Managing Director and CEO.
"We remain committed to delivering the highest quality of products to exceed customer expectations while maintaining transparency to enhance profitability and maximize shareholder value.”
