Riyadh – Mubasher: Nayifat Finance Company announced that the final price of its initial public offering (IPO) has been set at SAR 34 per share, implying a market capitalisation on admission of SAR 3.4 billion million ($907 million).
The book-building process has generated an order book worth SAR 162 billion, and was oversubscribed 136 times, according to a press release.
Nayifat’s IPO total offering size amounts to SAR 1.19 billion ($317 million), while the number of existing shares is 35 million that will be sold by the current shareholders.
The retail subscription period is scheduled to be next week during 7-8 November.
Following the listing on the Saudi Exchange (Tadawul), Nayifat is expected to have a free float of 35% of the shares.
The company appointed HSBC Saudi Arabia as the financial advisor, lead bookrunner, lead underwriter, and lead manager for the IPO process. It also appointed Saudi Fransi Capital and GIB Capital as joint bookrunners and co-underwriters.
Last September, the Saudi Capital Market Authority (CMA) gave its green light for Nayifat’s IPO of 35 million shares, representing 35% of its capital.
In October, the company announced its intention to proceed with the IPO process to list on Tadawul.
