Saudi retail investors, today, will start subscription to around 480,000 of Al Moammar Information Systems Co.’s shares at SAR 45 a share.
The company’s initial public offering (IPO) is the first of its kind in the field of information technology in the Kingdom.
“The company is seeking to boost foothold in the field, in line with the National Transformation Program (NTP) and the Saudi Vision 2030, to list Saudi Arabia amongst the most innovative companies in the Middle East,” stated chairman, Khalid Al-Moammar.
The company floats 4.8 million of its shares in a public offering. The retail offering will run from March 17-21, 2019. Institutional offering was 110 percent oversubscribed.
Al Moammar’s IPO is considered the first offering placed in the Saudi Stock Exchange (Tadawul) this year. Last year, Tadawul saw only two IPOs, namely, National Company for Learning & Education (NCLE) and Leejam Sports Co.
The Riyadh-based firm was incepted in 1979, and was converted into a shareholding firm in 2008.
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Company’s Profile |
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|
Company |
Al Moammar Information Systems |
|
Market |
TASI |
|
Main activities |
Providing services and integrated solutions for information technology and communications |
|
Status |
Active |
|
Capital |
SAR 160 mln |
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IPO Summary |
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|
Issue size |
30% |
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Number of shares offered for retail investors |
480,000 shares (10% of total IPO share) |
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IPO Price |
SAR 45/share |
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Qualified subscribers |
Saudi retail investors |
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IPO minimum for retail investors |
10 shares |
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IPO maximum for retail investors |
250,000 shares |
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IPO period for retail investors |
March 17-21 |
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Allotment date |
March 28 |
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Surplus refund |
March 28 |
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Additional Information |
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Financial advisor, lead manager, underwriter |
Saudi Fransi Capital |
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Receiving banks |
BSF,Riyad, SABB |
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Major Shareholders |
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Shareholder |
Number of shares after IPO (mln) |
Stake |
|
Ibrahim Al Moammar |
3.87 |
24.20 % |
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Khalid Al Moammar |
3.54 |
22.10 % |
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Other shareholders* |
3.79 |
23.70 % |
|
Public |
4.80 |
30.00 % |
|
Total |
16.00 |
100 % |
*Each shareholder owns stake below 5%.
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Recent IPOs |
|||
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Company |
IPO price (SAR) |
Number of shares for retail investors (mln share) |
Coverage ratio % (retail) |
|
2018 |
|||
|
National Learning |
19 |
1.30 |
327 % |
|
Leejam |
52 |
1.57 |
245 % |
|
2017 |
|||
|
Al Waha |
51 |
0.9 |
263 % |
|
2016 |
|||
|
L’Azurde |
37 |
3.87 |
293 % |
|
Al Yamamah Steel |
36 |
4.57 |
479 % |
|
Saudi German Hospital |
64 |
8.28 |
274 % |
|
2015 |
|||
|
Alandalus |
18 |
8.40 |
464 % |
|
SGS |
50 |
22.60 |
339 % |
|
SACO |
70 |
2.88 |
620 % |
|
MEPCO |
30 |
6.00 |
473 % |
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