Saudi Arabia’s Al Majed for Oud seeks to lift $188m from IPO
Al Majed for Oud is providing 7,500,000 shares to buyers – equal to 30 per cent of the corporate’s paid-up capital – at a value vary of SAR90 to SAR94
August , 2024
Saudi Arabia’s Al Majed for Oud Firm has began taking investor orders for its preliminary public providing (IPO), as one of many main firms within the kingdom’s perfume market seeks to lift as a lot as $188m (SAR705m) capitalising on the strong urge for food for listings within the GCC area.
Al Majed for Oud is providing 7,500,000 shares to buyers – equal to 30 per cent of the corporate’s paid-up capital – at a value vary of SAR90 to SAR94.
The family-owned enterprise stated the providing value can be decided on the finish of a book-building course of. It’s providing the shares in two tranches — institutional buyers and retail buyers— between August 25 and September 19.
Al Majed for Oud stated the providing proceeds shall be distributed to the promoting shareholders after the deduction of the providing bills. It has employed Saudi Fransi Capital as its sole monetary adviser, joint book-runner, and lead supervisor.
Based by Sheikh Ali bin Othman Al Majed in 1956, Al Majed for Oud has 286 shops and gives greater than 650 merchandise throughout 132 manufacturers as of December 31, 2023.
The fragrance retailer plans to increase its presence within the kingdom and the GCC whereas enhancing its retail and digital platforms to maintain tempo with trade developments.
The MENA area’s itemizing exercise remained resilient in Q2 2024, with 14 IPOs elevating $2.64bn in proceeds, in keeping with EY. Saudi Arabia led the itemizing exercise with 11 public choices, 5 of which have been on the Tadawul.
Arabian Oud, one other Saudi maker of the fragrance, can also be contemplating itemizing on the Saudi Alternate. The corporate employed Emirates NBD Capital and SNB Capital earlier this yr for a possible share sale, in keeping with a Bloomberg report.
In the meantime, in different shopper markets, Saudi flour milling firm Arabian Mills for Meals Merchandise Firm stated it plans to supply 15.4 million shares to buyers – equal to 30 per cent of the milling agency’s paid-up capital – final week. The milling firm has not but supplied a value vary.
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