The Clap
Subscriptions to Marafiq’s offering on Tadawul was covered in full within hours of the book building process, according to Bloomberg.
The Deets
The subscription took place based on a maximum share price of SAR 46, raising SAR 3.3 billion.
Marafiq set the price range for the offering between SAR 41 – SAR 46 per share.
Biggest IPO
Marafiq’s IPO is the largest in the Saudi market since Nahdi Medical raised $1.4 billion from a public offering last March.
The company appointed HSBC Saudi Arabia and Riyad Capital to manage its IPO.
Al-Rajhi, Saudi Fransi, Riyad Bank, SABB and Al Ahli Saudi banks were also designated as recipients.
IPO
Marafiq is offering 73 million ordinary shares, through the sale of existing shares by major shareholders.
The book building process began on Sunday, October 9 and ends on October 14.
Why this Matters
The subscription is expected to positively affect the company, during the coming period.
The IPO comes as part of a broader plan for KSA to list government-owned companies on Tadawul, in accordance with Vision 2030.
What Now
The individual subscription period will start from the 26th to the 29th of October, where 30% of the offered shares will be allocated to the individual segment.
