KSA’s Amlak International sets price range for IPO offering

Book building process began from June 22 and will continue till June 29 with price range for Amlak’s offer shares between $4 and $4.52 (SR15 to SR17)

Saudi Arabia’s Amlak International for Real Estate Finance and NCB Capital, one of the Kingdom’s leading financial institutions, has set the price range for Amlak’s offer shares at between $4 and $4.52 (SR15 to SR17).

NCB Capital is the financial advisor, bookrunner, underwriter and lead manager for Amlak International’s IPO. The book building process started from June 22 and is aimed at offering Amlak International’s shares for public subscription and the process will continue till June 29.

In a statement, NCB Capital advised that the final share price will be set after the end of Amlak International’s IPO book building process, which targets two investor groups. The Institutional group includes investment funds, companies and qualified foreign investors, GCC investors that are considered as legal personalities, authorized individuals to deal in securities as principals, companies in the banking and insurance sectors, directors of companies’ portfolios listed in the financial market, and unlisted Saudi companies under the conditions established by the IPO Prospectus.

The Individuals group includes Saudi citizens, including divorced Saudi women or widows who have minor children from a non-Saudi husband, any ordinary non-Saudi resident who has a bank account with one of the receiving parties, in addition to individual GCC investors. The subscription process for the participating entities during the IPO period, which includes individual subscribers, starts on Thursday, 02 July 2020G, and lasts for 4 days, including the closing day of the IPO, ending on Sunday, 05 July 2020.

NCB Capital added that all offered shares (27,180,000) will be allocated to the participating institutions and investment funds, representing 100% of the total shares offered.

In the event that there is sufficient demand from individual subscribers, the IPO’s Lead Manager, with the approval of the CMA, has the right to reduce the number of allocated shares to the participating entities to 24,462,000 shares, representing 90% of the total shares offered, and offer a maximum of 2,718,000 shares, representing 10% of the total shares offered, to individual subscribers.

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