Almasar Alshamil Education, a leading provider of specialised education in the GCC, has announced the offer price range and commencement of participating entities' bidding and book-building process for its initial public offering (IPO) on the Main Market of the Saudi Exchange.
The price range for the offering has been set between SAR18.50 and SAR19.50 per share, implying a total offering size of between SAR568 million ($151.45 million) and SAR599 million ($159.72 million). The price range implies a market capitalisation at listing of between SAR1,894 million and SAR1,997 million.
The institutional book-building period commences today (November 2), and will end at 2pm on November 6. The final offer price will be determined at the end of the institutional book-building period. The offering period for individual subscribers will be open for three days, commencing on November 18 and closing at 2pm on November 20.
OFFERING DETAILS
The offering comprises 30,720,400 ordinary shares, each with a nominal value of SAR10, representing 30% of the company's share capital. Initially, all offer shares will be allocated to participating parties. If individual subscribers fully subscribe for their allocation, 9,216,120 shares, representing 30% of the total offer shares, will be made available to them, while 21,504,280 shares, representing 70% of the total offer shares, will be allocated to participating parties.
The company appointed SNB Capital as its financial advisor, lead manager, and underwriter in connection with the offering. SNB Capital and EFG Hermes Saudi Arabia were also appointed as joint bookrunners for the institutional tranche. - TradeArabia News Service
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