Riyadh – Mubasher: Al Majed for Oud Company set the price range for its initial public offering (IPO) between SAR 90 and SAR 94 per share, according to a press release.
The Saudi firm commenced the institutional book-building period for participating parties, while the institutional book-building period began on 25 August 2024 and will end on 29 August.
On 3 June 2024, the Capital Market Authority (CMA) greenlighted the company’s IPO to offer 7.50 million shares, representing 30% of the total issued share capital.
The final offer shares allotment will be on 19 September.
Al Majed for Oud’s substantial shareholders will be subject to a lock-up period of six months, which will begin from the commencement of trading of the shares on Tadawul.
The company appointed BSF Capital as its financial advisor, lead manager, bookrunner, and underwriter in connection with the offering.
Banque Saudi Fransi and Al Rrajhi Bank have been appointed as the receiving agents for the individual investors’ tranche.
