Perfect Presentation offering 3.75x covered, 6 shares allocated per subscriber

Logo of Perfect Presentation for Commercial Services Co.

Perfect Presentation for Commercial Services Co. (2P) and Saudi Fransi Capital, the financial advisor, lead manager, bookrunner, and underwriter, of the initial public offering (IPO), announced today, Nov. 3, the successful completion of the allotment of offer shares.

Following the completion of the institutional book-building process, the individual investors offering took place on Nov. 1. The retail offering generated demand from 70,647 Saudi nationals, foreign residents in the Kingdom and GCC nationals for SAR 311.9 million at the IPO price of SAR 185 per share, indicating an individual investors’ tranche coverage of 3.75x. 

The number of offer shares that were allocated to the Individual Investors’ tranche was 450,000, representing 10% of the total offering. 2P allocated a minimum of six offer shares to each Individual investor, with the remaining offer shares allocated on a pro-rata basis based on demand size to the remaining demand with an allocated factor of 2.0690%.

The subscription period for individual investors followed the completion of the institutional investors’ book-building process, which was over-subscribed by 61.4x of the total offer shares, representing a demand of SAR 51.1 billion.

Offer Details

The final offer price for the offering has been set at SAR 185 per share, implying a market capitalization at listing of SAR 2.775 billion ($740 million).

The total size of the offering is SAR 832.5 million ($222 million)

The IPO comprises an offer of 4,500,000 ordinary shares (offer shares), representing 30% of the company’s issued share capital of 1.5 million shares by way of a sale of existing shares by the current shareholders.

Immediately following admission, the company is expected to have a free float of 30% of its issued share capital.

All information and details related to the offering are available in the prospectus published on the website of the Capital Market Authority (www.cma.org.sa), the website of the company (www.2P.com.sa) and the website of Saudi Fransi Capital Co. (www.sfc.com.sa).

For More IPOs