Investors in Saudi Arabia and across the world are keeping an eye out on Saudi Aramco’s announcement of its long-awaited initial public offering (IPO).
Regardless of its size, Saudi Aramco’s IPO will likely be the world’s largest offering, and is expected to exceed Alibaba's 2014 IPO worth $21.77 billion.
In Saudi Arabia, the state energy firm’s public offering is forecast to top National Commercial Bank’s (NCB) SAR 22.5 billion IPO in Oct. 2014.
The Saudi Stock Exchange (Tadawul) witnessed several large offerings (whether IPOs, rights issues or secondary offerings) led by NCB in 2014, Riyad Bank’s offering in 2008, Alinma Bank’s IPO in 2008 and Saudi Telecom Co.’s IPO in 2003 (STC).
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Tadawul’s Top 20 Largest IPOs |
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|
Company |
IPO type |
IPO Size (SAR bln) |
Year |
|
NCB |
Initial offering |
22.50 |
2014 |
|
Riyad |
Capital hike |
13.10 |
2008 |
|
Alinma |
Initial offering |
10.50 |
2008 |
|
STC |
Initial offering |
10.20 |
2003 |
|
Maaden |
Initial offering |
9.25 |
2008 |
|
Saudi Kayan |
Initial offering |
6.75 |
2007 |
|
Zain Saudi |
Initial offering |
6.30 |
2008 |
|
Zain Saudi |
Capital hike |
6.00 |
2012 |
|
Petro Rabigh |
Initial offering |
4.60 |
2008 |
|
Riyad |
Capital hike |
3.80 |
1991 |
|
Dar Al Arkan |
Initial offering |
3.30 |
2007 |
|
Kingdom Holding |
Initial offering |
3.20 |
2007 |
|
Emaar EC |
Initial offering |
2.55 |
2006 |
|
Sipchem |
Initial offering |
2.48 |
2006 |
|
Petrochem |
Initial offering |
2.40 |
2009 |
|
SIIG |
Capital hike |
2.25 |
2008 |
|
Jabal Omar |
Initial offering |
2.00 |
2007 |
|
Mobily |
Capital hike |
2.00 |
2008 |
|
Sipchem |
Capital hike |
2.00 |
2008 |
|
Yansab |
Initial offering |
1.97 |
2005 |
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Tadawul’s Top 10 IPOs in Terms of Number of Subscribers |
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|
Company |
Year |
Number of subscribers (mln) |
IPO period |
|
Aramco |
2019 |
?? |
10 days |
|
Emaar |
2006 |
10.2 |
12 days |
|
Yansab |
2005 |
8.9 |
13 days |
|
Alinma |
2008 |
8.8 |
10 days |
|
AlBilad |
2005 |
8.7 |
17 days |
|
Zain Saudi |
2008 |
8.5 |
10 days |
|
Maaden |
2008 |
7.0 |
10 days |
|
Sipchem |
2006 |
6.7 |
10 days |
|
Petro Rabigh |
2008 |
5.4 |
8 days |
|
Chemanol |
2008 |
5.3 |
10 days |
|
Jabal Omar |
2011 |
5.0 |
10 days |
Emaar The Economic City’s (Emaar EC) IPO in 2006 attracted the biggest number of subscribers reaching 10 million.
The world’s most profitable company’s IPO is estimated to receive an overwhelming turnout given the state oil giant’s well-established position.
The latest offerings on Tadawul cut the retailers’ share allocation to 10 percent, while 90 percent of shares are offered to institutions.
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Tadawul’s Significant IPOs since 2007 |
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|
Company |
IPO date |
IPO price |
Number of IPO shares (mln share) |
IPO Size (SAR mln) |
Funds raised (SAR mln) |
Coverage ratio (retail) |
|
Aramco |
Nov. 2019 |
?? |
?? |
?? |
?? |
?? |
|
NCB |
Oct. 2014 |
45 |
500 |
22,500 |
310.7* |
2301 % |
|
Kayan |
April 2007 |
10 |
675 |
6,750 |
37,900 |
560% |
|
Alinma |
April 2008 |
10 |
1050 |
10,500 |
18,270 |
174% |
|
Zain Saudi |
Feb. 2008 |
10 |
630 |
6,300 |
17,830 |
283% |
|
Petro Rabigh |
Jan. 2008 |
21 |
219 |
4,599 |
16,020 |
348% |
|
Maaden |
July 2008 |
20 |
462.5 |
9,250 |
10,096 |
139 % |
|
Kingdom Holding |
July 2007 |
10.25 |
315 |
3,229 |
8,500 |
264 % |
|
Jabal Omar |
June 2007 |
10 |
201.4 |
2,014 |
6,234 |
309% |
|
Chemanol |
Aug. 2008 |
12 |
60.3 |
723.6 |
4,130 |
601 % |
|
Dar Al Arkan |
Dec. 2007 |
56 |
59.5 |
3,329 |
2,090 |
209% |
|
SGS |
June 2015 |
50 |
56.40 |
2,820 |
3,800 |
339 % |
|
Knowledge City |
May 2010 |
10 |
102 |
1,020 |
1,690 |
165% |
|
Al Tayyar |
May 2012 |
57 |
24 |
1,368 |
1,645 |
241% |
*SAR bln
In 2014, NCB raised up to SAR 311 billion, while Saudi Kayan Petrochemical Co. (Saudi Kayan) raised around SAR 37.9 billion in 2007.
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