Logo of Atlas Elevators General Trading & Contracting Co.
Qualified investors start today, Sept. 10, subscription to 1.2 million shares of Atlas Elevators General Trading & Contracting Co. in its initial public offering (IPO) on Nomu-Parallel Market.
The offered shares represent 20% of the company's post-IPO capital of SAR 60 million (25% of its current capital of SAR 48 million).
The subscription will run five days until Sept. 14.
With Atlas Elevators and Intelligent Oud Co.’s (IOud) IPOs today, offerings on Nomu would reach 18 in 2023.
Nomu saw 19 IPOs last year, including Gas Arabian Services Co., Raoom Trading Co., Al-Jouf Mineral Water Bottling Co., Arabian International Healthcare Holding Co. (Tibbiyah), Arabian Food & Dairy Factories Co. (FADECO), Ladun Investment Co., Amwaj International Co., Saudi Networkers Services Co. (SNS), International Human Resources Co. (IHR), Naba Alsaha Medical Services Co., Arabian Plastic Industrial Co. (APICO), Abdulaziz and Mansour Ibrahim Albabtin Co. (AlBabtain Food), Knowledge Tower Trading Co., Molan Steel Co., Saudi Top Trading Co., Leen Alkhair Trading Co., Nofoth Food Products Co. and Alwaha REIT Fund.
Last June, the Capital Market Authority (CMA) approved the company’s application to float shares on Nomu, according to data available with Argaam.
The subscription is limited to certain categories of investors, including capital market institutions authorized to act on their own account as well as clients of capital market institutions authorized to carry out management operations.
This is provided that they are appointed under terms that enable them to take decisions related to accepting participation in the share offering and investment in Nomu on behalf of clients without prior consent.
The categories include the Saudi government, any government body or international entity approved by the CMA or the Saudi market, or any other financial market recognized by the CMA or the Securities Depository Center (Edaa).
They also include companies owned by the government, directly or through a portfolio managed by a market institution authorized to practice management operations, as well as investment funds, in addition to companies and funds established in the GCC countries.
Investors qualified to participate in the subscription include non-resident foreigners who are allowed to invest in Nomu, qualified foreign financial institutions, and any legal person entitled to open investment accounts inside the Kingdom and with Edaa.
Natural persons are also among the qualified investors allowed to open investment accounts inside the Kingdom and with Edaa, provided they fulfill certain criteria.
They should have executed transactions in the securities markets worth a total of no less than SAR 40 million and at least 10 deals in each quarter during the past 12 months.
Natural persons should also have a net asset value of no less than SAR 5 million and be 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 a professional certificate in the field of securities business, approved by an internationally recognized body.
The list of qualified investors includes any other person to be defined by the CMA.
Company Profile
Atlas Elevators was established in 2010 in Riyadh. The company's activities, according to its commercial register, are the retail sale of elevators, escalators, conveyor belts, and the installation and maintenance of elevators.
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Company Profile |
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Company |
Atlas Elevators General Trading & Contracting Co. |
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Market |
Nomu-Parallel Market |
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Core Activities |
Manufacturing, installation, and maintenance of elevators |
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Capital |
SAR 48 mln |
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Post-IPO Capital |
SAR 60 mln |
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IPO Summary |
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Issue Percentage |
20% |
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Offer Shares |
1.2 mln |
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Minimum Limit |
10 shares |
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Maximum Limit |
299,990 shares |
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Subscription Period |
Sept. 10-14, 2023 |
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Final Allocation |
Sept. 19, 2023 |
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Surplus Refund (if any) |
Sept. 21, 2023 |
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Company Shareholders |
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Shareholders |
Pre-IPO |
Post-IPO |
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Number of Shares (‘000 shares) |
Ownership (%) |
Number of Shares (‘000 shares) |
Ownership (%) |
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Mohsen Ali Daly Al-Otaibi |
713.21 |
14.86% |
713.21 |
11.89% |
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Sheikh Malik Hammoud Faisal Al-Sabah |
529.00 |
11.02% |
529.00 |
8.82% |
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Abdullah Fahd Ali Al-Otaibi |
387.31 |
8.07% |
387.31 |
6.46% |
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Awwad Bard Jaed Al-Enezi |
340.07 |
7.08% |
340.07 |
5.67% |
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Fahd Ali Daly Al-Otaibi |
340.07 |
7.08% |
340.07 |
5.67% |
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Yacoub Youssef Abdul Latif Al-Ateeqi |
264.50 |
5.51% |
264.50 |
4.41% |
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Shareholders owning less than 5% |
2225.84 |
46.37% |
2225.84 |
37.10% |
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QFIs |
-- |
-- |
1200.00 |
20.00% |
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Total |
4800.00 |
100% |
6000.00 |
100% |
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Additional Information |
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Financial Advisor and Lead Manager |
Yaqeen Capital |
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