Logo of Gas Arabian Services
Gas Arabian Services issued the prospectus for its initial public offering (IPO) on the Nomu Parallel Market.
The company plans to offer 790,000 shares, or 5% of its capital, in the IPO.
The Capital Market Authority (CMA) approved, on Dec. 1, the application received from the company to offer 5% of its shares on Nomu.
The offer will run from Jan. 23-27, 2022.
The IPO will be confined to qualified investors, namely the capital market institutions that are authorized to act on their own account, as well as clients of a market institution that is licensed to take decisions on participating in the offering and investing in the parallel market on behalf of the client without the need to obtain any prior approval.
This also includes the Saudi government, any governmental body, any international entity approved by the CMA or the Saudi market, or any other financial market recognized by the CMA or Securities Depository Center (Edaa).
The qualified institutional investors also include the companies that are owned by the government, directly or through a private portfolio managed by a market institution licensed to practice business management, as well as the companies and funds established in the GCC countries.
They also include the investment funds and non-resident foreigners who are allowed to invest in the parallel market and who fulfill the requirements as stipulated in the guide of non-resident foreigners’ investments in the parallel market.
Among the qualified institutional investors are qualified foreign financial institutions and any legal persons who have the right to open investment accounts inside the Kingdom, and accounts at Edaa, in addition to other persons set by the market regulator.
The qualified institutional investors include also any legal person who has the right to open investment accounts inside the Kingdom, and accounts with Edaa, and who has executed deals in securities markets, at a total value of not less than SAR 40 million, and not less than 10 deals in each quarter during the past 12 months. In addition, they should have net assets value of not less than SAR 5 million and is working or have worked for at least three years in the financial sector.
They should hold a general certificate in securities dealing, approved by the CMA, and hold a professional certificate in the field of securities business, approved by an internationally recognized body.
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Company Profile |
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Company |
Gas Arabian Services |
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Market |
Nomu Parallel Market |
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Core Activities |
Construction of stations and main lines for water distribution, as well as electrical wiring and building finishing |
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Capital |
SAR 158 mln |
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IPO Summary |
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Issue percentage (%) |
5% |
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Offer Price |
Not yet determined |
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Minimum limit |
10 shares |
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Maximum limit |
789,990 shares |
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Subscription period |
Jan. 23- 27 |
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Final allotment |
Feb. 1, 2022 |
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Surplus Refund (if any) |
Feb. 3, 2022 |
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Company Shareholders |
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Shareholders |
Before IPO |
After IPO |
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Number of shares (‘000 shares) |
Ownership% |
Number of shares (‘000 shares) |
Ownership% |
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GAS Al Khaleej for Trading and Contracting Co. |
3000 |
18.99% |
2850 |
18.04% |
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GAS Asia for Trading and Contracting Co. |
3000 |
18.99% |
2850 |
18.04% |
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Ajyal Al Mustaqbal Ltd |
3000 |
18.99% |
2850 |
18.04% |
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Future Cooperation Co. Ltd. |
3000 |
18.99% |
2850 |
18.04% |
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Afaq Al Mustaqbal for Operation and Maintenance Co. |
3000 |
18.99% |
2850 |
18.04% |
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Investors owning less than 5% (107 shareholders) |
800 |
5.06% |
760 |
4.81% |
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QFIs (Public) |
-- |
-- |
790 |
5.00% |
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Total |
15800 |
100% |
15800 |
100% |
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Additional Information |
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Financial Advisor and Lead Manager |
FALCOM Financial Services |
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