Saudi's Amlak International IPO share price revealed

The company's IPO will start on July 2 and will be completed by the end of July 5

  
Traders work at the Alistithmar Capital in Riyadh July 8, 2008.

Traders work at the Alistithmar Capital in Riyadh July 8, 2008.

REUTERS/Fahad Shadeed

Amlak International’s IPO shares will be offered at a price of 16 Saudi riyals ($4.27).

The Saudi Arabian real estate financing firm is offering 30 percent of its shares on the Saudi Stock Exchange (Tadawul). The IPO will start on July 2, 2020 and will be completed by the end of July 5, 2020.

NCB Capital is the financial advisor, lead manager, bookrunner and underwriter for the company’s IPO and has announced the completion of the book building process for institutions and investment funds subscribing to the company’s shares, with a coverage ratio reaching 5x.

“Public and private funds and DPMs amounted to 43.4 percent of the coverage, while the authorized persons, Saudi listed companies, insurance companies, private companies, endowments and QFIs, reached 56.6 percent of the coverage,” Amlak said in a statement.

The Saudi mortgage lender announced earlier in June an IPO price range between 15 and 17 Saudi riyals. The book-building process for the IPO started on June 22 and closed on June 29. (Read more here)

Amlak International provides Shariah-compliant real estate financing solutions to corporates, high-net-worth-individuals and individual clients in Saudi Arabia.

Analysts told Zawya in March that many companies in the GCC region might delay their IPO plans this year due to uncertainty related to the outbreak of the coronavirus. (Read more here)

(Reporting by Gerard Aoun; editing by Seban Scaria)

(Gerard.Aoun@refinitiv.com)

#SAUDI #AMLAK #IPO #EQUITIES

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© ZAWYA 2020

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