Logo of Al Masane Al Kobra Mining Co. (AMAK)
Al Masane Al Kobra Mining Co. (AMAK) announced the prospectus for the initial public offering (IPO) of 19.8 million shares, or 30% of its capital, on the Saudi Exchange (Tadawul).
On Dec. 22, 2021, the Capital Market Authority (CMA) approved an application by AMAK to sell 19.8 million shares, or 30% of its SAR 660 million capital (66 million shares), to the public.
AMAK, which was founded in 2007, operates Al Masane and Guyan mines.
The flagship Al Masane mine produces copper and zinc concentrates, as well as silver and gold alloys.
Guyan mine is located 12 kilometers away from Al Masane mine. It produces silver and gold alloys.
The IPO targets two tranches, mainly:
Participating parties: This tranche comprises the parties entitled to participate in the book-building process as specified under the book-building instructions. The number of shares that will be allocated initially is 19.8 million, representing 100% of the total IPO. Final allocation of the offer shares will be made after the end of the subscription period for individual investors. The lead managers shall have the right to reduce the number of shares allocated to participating parties to 13.86 million shares, representing 70% of the total offer shares.
Individual investors: This tranche comprises Saudi Arabian natural persons, in addition to any non-Saudi natural person who is resident in the Kingdom or any GCC natural persons, provided they have a bank account with one of the receiving entities and are allowed to open an investment account. The number of shares offered for retail investors amounts to 5.94 million shares maximum, or 30% of total offered shares.
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Company Profile |
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Company |
Al Masane Al Kobra Mining Co. (AMAK) |
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Market |
Main market |
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Core Activities |
Mining |
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Capital |
SAR 660 mln |
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Number of shares |
66 mln shares |
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IPO Summary |
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Issue percentage (%) |
30% |
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Number of shares offered |
19.8 mln shares |
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Qualified subscribers |
- Participating categories that include investment funds, QFIs, legal entities and GCC investors.
- Retail investors. |
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IPO minimum limit for retail investors |
10 shares |
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Minimum size for institutional investors |
100,000 shares |
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Maximum limit for retail investors |
250,000 shares |
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Maximum limit for institutional investors |
3999999 shares |
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Order registration period for institutional investors and book building process |
7 days from Feb. 23 to March 1 |
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Retail subscription period |
3 days from March 9 -11 |
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Final allocation |
March 15 |
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Surplus refunds |
March 17 |
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Special Information |
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Financial advisor, lead manager, underwriter and institutional book runner |
Al Rajhi Capital |
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Receiving banks |
Saudi National Bank, Al Rajhi Bank, Riyad Bank |
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Company Shareholders |
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Shareholders |
Before IPO |
After IPO |
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Number of shares (mln shares) |
Ownership (%) |
Number of shares (mln shares) |
Ownership (%) |
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Arab Mining Co. (Armico) |
11.53 |
20.46% |
9.40 |
14.24 % |
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Asas Mining Co. |
11.08 |
19.67 % |
9.04 |
13.69 % |
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Prince Mishaal bin Saud bin Abdulaziz |
4.96 |
8.80 % |
4.04 |
6.13 % |
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National Lead Smelting Company Limited (RASASS) |
4.92 |
8.73 % |
4.00 |
6.07 % |
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Mohammad bin Manea bin Sultan Aballala |
4.69 |
8.33 % |
3.83 |
5.80 % |
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Arab Mining Co. - Fujairah |
2.97 |
5.28 % |
2.42 |
3.67 % |
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Total |
37.17 |
71.27 % |
32.74 |
49.60 % |
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