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Saudi Arabia’s Derayah Financial has revealed Olayan Saudi Investment Company as a cornerstone investor in its upcoming IPO on Tadawul.
The digital investment platform has signed a binding investment undertaking agreement with Olayan Saudi to a subscription of 4,687,500 offer shares at the final offering price, representing approximately 1.88% of the company’s share capital after the offering.
Olayan Saudi is an investment arm of the kingdom’s Olayan Financing Company.
On Monday, Derayah announced the price range of the offering, representing 49,947,039 ordinary shares or 20% of the company’s issued share capital.
The range has been set between 27 and 30 riyals ($7.20 and $8) per share, implying an offering size between SAR 1.35 billion and SAR 1.50 billion.
The total market capitalisation at listing is expected to range between SAR 6.74 billion and SAR 7.49 billion.
The institutional book building period commenced on 2 February and ends on 9 February 2025. The final offering price will be determined at the end of the book-building process on 13 February.
Retail subscription will open on 20 February, with the final allocation on 27 February. The trading date has yet to be announced.
HSBC Saudi Arabia has been appointed as sole financial advisor, bookrunner, global coordinator, lead manager and underwriter.
(Writing by Bindu Rai, editing by Seban Scaria)