Arabian Centres Co. will launch its initial public offering (IPO) for retail investors today, Thursday, May 9. The offering will extend today only until 11:59 PM.
Retail investors will subscribe to 9.5 million shares, at SAR 26 per share.
The Capital Market Authority (CMA) approved on April 15 a request from Arabian Centres Co. to float 95 million shares, or 20% percent of its capital in a public offering.
A 90 percent of total IPO shares were allocated for institutions, with the remaining 10 percent offered to retail investors.
A total of 65 million shares will be sold by existing shareholders, while 30 million shares will be issued by the company through a capital hike.
The IPO is the third offering on Tadawul year to date, after Maharah Human Resource Co., which kicked off yesterday. Al Moammar Information Systems Co. also launched its public offering in March.
Arabian Centres was established in 2002 as a closed joint stock company. It is a subsidiary of Fawaz Alhokair Group and specializes in mall management, tenant relations and leasing.
The company operates through six affiliates, as follows:
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Company’s Active Affiliates |
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|
No. |
Affiliate |
Capital (SAR ‘000) |
Direct stake % |
Indirect stake % |
|
1 |
Riyadh Centers Co Ltd |
500 |
95 % |
5 % |
|
2 |
Qassim for Entertainment and Commercial Projects Co. (owned by Abdulmohsen Alhokair & partners) |
500 |
50 % |
0 % |
|
3 |
Oyoun Al Basateen Trading Co. |
100 |
95 % |
5 % |
|
4 |
Oyoun Al Raed Trading Complex Co. |
100 |
95 % |
5 % |
|
5 |
Al Bawarij International For Development & Real Estate Investment Co. |
500 |
95 % |
5 % |
|
6 |
Makarem International Real Estate Development Co. |
500 |
95 % |
5 % |
The company has 12 non-active affiliates.
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Company Profile |
|
|
Company |
Arabian Centres Co. |
|
Stock market |
TASI- Main Market |
|
Company’s core business |
Owns and runs malls |
|
Company’s status |
Active |
|
Company’s current capital |
SAR 4.45 bln |
|
Company’s capital after IPO |
SAR 4.75 bln |
|
IPO Details |
|
|
IPO Percentage |
20% (95 mln shares) |
|
Number of IPO shares for retail investors |
9.5 mln shares |
|
IPO % for retail investors |
10% of total IPO shares |
|
IPO price per share |
SAR 26 |
|
IPO size for retail investors |
SAR 247 mln |
|
Eligible investors |
Saudis and GCC investors |
|
IPO minimum for retail investors |
10 shares |
|
IPO minimum for institutional investors |
100,000 shares |
|
IPO maximum for retail & institutional investors |
23.75 mln shares |
|
IPO period for retail investors |
One day, May 9, 2019 |
|
Allotment |
May 14, 2019 |
|
Surplus repayment |
May 14, 2019 |
|
Additional Details |
|
|
Lead manager, Financial advisor, lead manager for institutional investors, main IPO coordinator and main underwriter |
Samba Capital |
|
Financial advisor, lead manager for institutional investors and underwriter |
Samba Capital, Morgan Stanley, NCBC |
|
Financial advisor, lead manager for institutional investors |
Goldman Sacs , EFG Hermes KSA |
|
Financial advisor, lead manager for institutional investors and price stabilization manager |
Goldman Sacs |
|
Underwriters |
Morgan Stanley Saudi Arabia, NCBC |
|
lead manager for institutional investors |
CitiGroup, Emirates NBAD Capital, Credit Suisse, EFG Hermes |
|
lead manager for institutional investors residing outside the Kingdom |
Natixis |
|
Receiving banks |
NCB, Samba |
|
IPO cost |
Estimated at SAR 180 mln will be distributed on sellers and the company on a prorate basis according to sold shares and IPO issued shares |
|
Major Shareholders After IPO |
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|
Shareholder |
Number of shares before IPO (mln) |
Stake % |
Number of shares after IPO (mln) |
Stake % |
|
Fawaz Abdulaziz Alhokair |
44.50 |
10 % |
38.00 |
8 % |
|
Sulaiman Abdulaziz Alhokair |
44.50 |
10 % |
38.00 |
8 % |
|
Abdul Majeed Abdulaziz Alhokair |
44.50 |
10% |
38.00 |
8 % |
|
Al Fareeda 1 |
22.25 |
5 % |
19.00 |
4 % |
|
Al Fareeda 2 |
22.25 |
5 % |
19.00 |
4 % |
|
Al Fareeda 3 |
22.25 |
5 % |
19.00 |
4 % |
|
FAS Real Estate Co. |
231.40 |
52 % |
197.60 |
41.6 % |
|
Sa’af International Co. |
13.35 |
3 % |
11.40 |
2.4 % |
|
Public |
-- |
-- |
95.00 |
20.0 % |
|
Total |
445.00 |
100 % |
475.00 |
100.00 % |
|
Recent IPOs |
|||
|
Company |
IPO price (SAR) |
Number of shares for retail investors (mln share) |
Coverage ratio % (retail) |
|
2019 |
|||
|
Al Moammar |
45 |
0.71 |
149% |
|
Maharah HR* |
-- |
1.13 |
-- |
|
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 % |
*IPO still ongoing.
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