Tadawul trading screen

Argaam conducted a study on the offer prices of the companies going public and the price-to-earnings (P/E) ratios for the firms that have offered shares in initial public offerings (IPOs) since 2020.  

 

Argaam also drew a comparison between the performance of these firms and the Saudi Exchange (Tadawul).  

 

Amlak International for Real Estate Finance Co. (Amlak) reported the lowest offer price of SAR 16 a share and a P/E ratio of 15.1x. Amlak went public in July 2020, when the Tadawul All Share Index (TASI) hovered at 7,500 points.  

 

Alkhorayef Water and Power Technologies Co. (AWPT) came second, reporting a P/E of 15.8x and an offer price of SAR 72 a share. Alkhorayef shares were listed in February 2021 when Tadawul benchmark hit 9,500 points.  

 

The offer price of Tanmiah Food Co., which was listed on Tadawul in July, stood at SAR 67 a share, with a P/E ratio of 30.2x. According to data available with Argaam, solutions by stc and ACWA Power were traded at P/Es of 25.4x and 40.5x, respectively.  

 

P/E Ratios During IPOs Since 2020

Company

IPO Date

IPO Price (SAR)

Number of IPO Shares (mln) and IPO Size (%)

P/E Ratio During IPO (X)

P/B Ratio (X)

2020 IPOs

Sumou Real Estate- Nomu

May 11

24

25.0 (5%)

12.6

2.4

Amlak

July 2

16.0

90.6 (30%)

15.1

1.3

Al Habib Group

Feb. 26

50.0

350.0 (15%)

20.1

4.0

BinDawood

Oct. 8

96.0

114.3 (20%)

21.3

7.8

2021 IPOs

Alkhorayef Water

Feb. 16

72.0

25.0

(30%)

15.8

6.1

Burgerizzr- Nomu

Sept. 8

165

2.5

(29%)

21.7

3.4

solutions by stc

Sept. 19

151

120.0

(20%)

25.4

8.8

Theeb Rent a Car

March 21

40.0

43.0

(30%)

27.2

3.6

Tanmiah Food

July 27

67.0

20.0

(30%)

30.2

3.6

ACWA Power

Sept. 29

51-56

645.8

(11%)

37 – 40.5

4.4
 
The benchmark rally together with the improved liquidity were accompanied by an increase in the stock prices of the companies going public, based on their P/E ratios.
 

Comparison of P/E Ratios During IPOs, Market Performance

Company

IPO Date

Average Market Close During IPO Period

(Points)

Company’s P/E Ratio at IPO (X)

 

Market’s P/E Ratio at IPO (X)

 

Average Market Trading During IPO Period

(SAR bln)

2020 IPOs

Sumou Real Estate - Nomu

May 11

6,500

12.6

24

5

Amlak

July 2

7,200

15.1

27

6

Al Habib Group

Feb. 26

7,600

20.1

23

4

BinDawood

Oct. 8

8,300

21.3

27

11

2021 IPOs

Alkhorayef Water

Feb. 16

9,000

15.8

40

13

Burgerizzr- Nomu

Sept. 8

11,400

21.7

27

7

solutions by stc

Sept. 19

11,400

25.4

27

7

Theeb Rent a Car

March 21

9,500

27.2

26

10

Tanmiah Food

July 27

10,800

30.2

37

7

ACWA Power

Sept. 29

11,400

37 – 40.5

27

7
 

The share offerings, launched since 2020, were more than 1.000% oversubscribed. The IPO of Shatirah House Restaurant Co. (Burgerizzr) was the last share offering in the market, which was more than 6646% oversubscribed. Most of the stocks were traded at higher prices compared to the IPO price.

 

Company

IPO Date

IPO Price (SAR)

Number of IPO Shares

Coverage Ratio

Stock Variation From IPO Price

2020 IPOs

Sumou Real Estate - Nomu

May 11

24

1.25

236 %

+ 156 %

Amlak

July 2

16.0

27.18

2,690 %

+ 50 %

Al Habib Group

Feb. 26

50.0

52.50

710 %

+ 258 %

BinDawood

Oct. 8

96.0

22.86

1,396 %

+ 14 %

2021 IPOs

Alkhorayef Water

Feb. 16

72.0

7.50

1,511 %

+ 77 %

Burgerizzr- Nomu

Sept. 8

165

0.73

6,646 %

+ 58 %

Theeb Rent a Car

March 21

40.0

12.9

3,385 %

+ 64 %

Tanmiah Food

July 27

67.0

6.00

1,170 %

+ 63 %

solutions by stc

Sept. 19

151

42.00

--

--

ACWA Power

Sept. 29

51-56

71.04

--

--

 For More IPOs

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