Logo of Nayifat Finance Co.
Nayifat Finance Co. (NFC) will begin trading on the Saudi Exchange (Tadawul) today, Nov. 22, with the symbol 4081 and ISIN Code: SA15DGH1VOH4.
The stock will have daily price fluctuation limits of +/- 30% and static fluctuation limits of +/- 10%.
These fluctuation limits will apply in the first three days of listing. From the fourth trading day onwards, the daily price fluctuation limits will revert to +/- 10%, and the static price fluctuation limits will no longer apply.
Nayifat’s will be the seventh IPO on Tadawul in 2021, following Alkhorayef Water & Power Technologies Co. on March 1, Theeb Rent a Car Co. (March 29), Tanmiah Food Co. (Aug. 4), solutions (Sept. 30), International Company for Power and Water Projects (ACWA Power) (Oct. 11), and Arabian Contracting Services Co. (Al Arabia) (Nov. 15).
The Saudi market saw three IPOs in 2020, namely Dr. Sulaiman Al-Habib Medical Services Group in March, Amlak International for Real Estate Finance Co. in July, and BinDawood Holding Co. in October.
Nayifat will bring the total number of Tadawul-listed companies to 190, excluding the 17 real estate investment traded funds (REITs).
The company offered 35 million shares, or 35% of its SAR 100 million share capital. It allocated 90% of the total offered shares to institutional investors, while the remaining 10% were allocated to retail subscribers (3.5 million shares at SAR 34/share, with allocation set at three shares per subscriber).
Company Profile
Nayifat was established in Riyadh as a Saudi limited liability company in 2002, with SAR 10 million capital. It converted to a closed joint stock company in 2010, with its current capital at SAR 1 billion.
The company offers financial solutions to retail and corporate clients, in order to fund their personal needs and develop their businesses in line with Shariah.
Nayifat is one of the largest non-banking financing companies in the Kingdom, in terms of the number of branches and geographical coverage. It owns a network of 27 branches, including the head office in Riyadh. Its branch network covers over 13 regions in the Kingdom.
Business Sectors
The following table shows the distribution of customer financing across various business sectors, which the company provided as of March 31, 2021:
|
Distribution of Customer Finance by Sector |
||
|
Sector |
Finance value (SAR mln) |
Percentage to total |
|
Public sector |
1420.59 |
89% |
|
Private sector |
57.21 |
4% |
|
SMEs |
121.01 |
8% |
|
Total |
1598.81 |
100% |
|
Company Profile |
|
|
Company |
Nayifat Finance Co. |
|
Market |
Saudi Exchange (Tadawul) |
|
Core Activities |
Financing activity (providing retail and corporate financing solutions) |
|
Capital |
SAR 1 bln |
Falcom Holding Co. is the biggest shareholder in the company, with a 48.01% stake.
|
Company Shareholders |
||||
|
Shareholders |
Before IPO |
After IPO |
||
|
Number of shares (mln shares) |
Ownership (%) |
Number of shares (mln shares) |
Ownership (%) |
|
|
FALCOM Holding Co. |
73.85 |
73.86% |
48.01 |
48.01% |
|
Saud Huwaimel Farraj Al Dosari |
7.87 |
7.87% |
5.11 |
5.11% |
|
Abdulaziz Saudi Omar Al Blehed |
7.25 |
7.25% |
4.71 |
4.71% |
|
Others |
11.03 |
11.03% |
7.17 |
7.17% |
|
Public |
-- |
-- |
35.00 |
35.00% |
|
Total |
100 |
100% |
100 |
100% |
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