BinDawood Holding issued on Monday a prospectus for its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).
BinDawood will float 22.86 million shares, or 20% of its share capital.
On June 30, 2020, the Capital Market Authority (CMA) approved BinDawood’s request to sell 22.86 million shares, or 20% of its capital, in an IPO.
The IPO targets two tranches:
Participating parties
The tranche comprises institutions and companies, including qualified foreign investors and firms, Gulf investors and legal personalities. It includes all categories of investors entitled to participate in the book-building process.
A total of 22.86 million shares or 100% of the offering size will be allocated to institutional investors, subject to a scale-back to 90% or 20.57 million shares.
The final allocation will follow the completion of the retail offering.
Retail investors
The tranche comprises Saudi nationals, including any Saudi female divorcees or widows with minor children from a non-Saudi father, and any non-Saudi natural person who is a resident in the Kingdom and any GCC national, in each case who has a bank account with one of the receiving entities.
Up to 10% of the offering size or 2.286 million shares will be allocated to this tranche.
The book-building process for institutional investors will run from Sept. 13-22, while the retail offering will open from Sept. 27-29.
Key highlights:
Akasiya Star Trading Co. Ltd. will be the largest shareholders in the Saudi grocer following the share sale with a 67.57% stake. The following table illustrates the major shareholders before and after the IPO:
|
Major Shareholders |
||||
|
Shareholder |
Number of shares before IPO (mln shares) |
Stake % |
Number of shares after IPO (mln shares) |
Stake % |
|
Akasiya Star Trading Co. Ltd. |
96.54 |
84.47 % |
77.23 |
67.57 % |
|
Abdullah BinDawood Sons Co. Ltd. |
9.76 |
8.54 % |
7.80 |
6.83 % |
|
Commercial Growth Development Co. |
8.00 |
7.00 % |
6.40 |
5.60 % |
|
Public |
-- |
-- |
22.86 |
20.00 % |
|
Total |
114.30 |
100.00 % |
114.30 |
100.00 % |
|
Company’s Profile |
|
|
Company |
BinDawood Holding Co. |
|
Market |
TASI - Main Market |
|
Main activities |
Holding companies i.e. assets (owning controlling-levels of equity) of a group of subsidiary corporations and whose principal activity is owning the subsidiaries |
|
Status |
Active |
|
Capital |
SAR 1.143 bln |
|
IPO Summary |
|
|
Issue percentage (%) |
20% |
|
Number of shares offered |
22.86 mln shares |
|
IPO Price |
Determined through book building process |
|
Qualified subscribers |
-Participating categories include a group of institutions, companies, QFIs, legal entities and GCC investors. -Retail investors. |
|
IPO minimum size for retail investors |
10 shares |
|
IPO minimum size for participating categories |
100,000 shares |
|
IPO maximum size for retail investors |
571,500 shares |
|
IPO maximum size for institutional investors |
5.71 mln shares |
|
Registering requests and book building period |
Sept. 13-22 |
|
IPO Period |
Three business days, starting Sept. 27 to Sept. 29 |
|
Final allotment of IPO shares |
Oct. 1, 2020 |
|
Surplus repayment |
Oct. 1, 2020 |
|
Additional Information |
|
|
Lead manager, underwriter |
NCB Capital |
|
Financial advisors |
Goldman Sachs Saudi Arabia, J.P. Morgan Saudi Arabia |
|
IPO coordinators |
Goldman Sachs Saudi Arabia, J.P. Morgan Saudi Arabia, NCBC |
|
Institutions book runners |
Goldman Sachs Saudi Arabia, J.P. Morgan Saudi Arabia, GIB Capital, NCBC |
|
Main institutions book runner |
GIB Capital |
|
Underwriters |
Goldman Sachs Saudi Arabia, J.P. Morgan Saudi Arabia, GIB Capital, NCBC |
|
Receiving banks |
NCB, Al Rajhi Bank |
Comments
{{DisplayName}}
{{ElapsedTime}}