Nayifat issues prospectus to float 35 mln shares

Logo of Nayifat Finance Co.

Nayifat Finance Co. (NFC) announced issuing the prospectus for its planned initial public offering on the Saudi Exchange (Tadawul). 

Nayifat plans to offer 35 million shares for IPO, representing 35% of the company's shares. The period of retail subscription will run from Nov. 7-8, 2021.

In September, the Capital Market Authority (CMA) approved the company's request to list a 35% stake, or 35 million shares.

- Participating parties: This tranche comprises the parties entitled to participate in the book building process as specified under the book building instructions.

A total of 35 million shares, or 100% of total offered shares, will be initially allocated for participating entities in the book building process. The lead manager for the corporate tranche, in case of sufficient number of applications from retail investors, shall have the right to reduce the number of shares allocated for participating entities to 31.50 million shares, or 90% of total offered shares.

- Retail investors: This tranche comprises Saudi nationals, including Saudi female divorcees or widows with minor children from a non-Saudi father. It also includes any non-Saudi natural person who is a resident in the Kingdom and any GCC national, who holds a bank account with one of the receiving entities. Retail subscribers will be entitled to subscribe to 3.5 million shares maximum, or 10% of total offered shares.