Riyadh – Mubasher: United International Holding Company (UIHC) commenced the institutional book-building period for participating parties, setting the price range for its initial public offering (IPO) between SAR 120 and 132 per share.
The company seeks to trade 7.50 million shares, representing 30% of its share capital, on the Saudi Exchange’s Main Market (Tadawul).
The transaction translated an offering size between SAR 900 million and SAR 990 million, implying an equity value between SAR 3 billion and SAR 3.30 billion, according to a press release.
The institutional book-building period will take place from 28 October to 4 November 2024. At the end of the book-building process, the final price of the offer shares will be determined.
The offering proceeds, after deducting IPO-related expenses, will be distributed to United Electronics Company (eXtra), the selling shareholder, in proportion to the number of offer shares it will sell in the offering. Meanwhile, the company will not receive any portion of the offering proceeds.
On 24 October 2024, eXtra entered into a binding undertaking with each of Zamil Group Investment Company, A.K. Al Muhaidib & Sons Company, and The Company for Cooperative Insurance (Tawuniya). Each cornerstone investor has committed to subscribe for 390,625 shares at the IPO price.
Last June, the Capital Market Authority (CMA) greenlighted United International Holding’s IPO.
