Morabaha Marina issues prospectus to list 21.43 mln shares

Logo of Morabaha Marina Financing Co.

Morabaha Marina Financing Co. (MMFC) issued its prospectus to list 21.43 million shares on the Saudi Exchange (Tadawul), according to the Capital Market Authority (CMA) website.

On Dec. 26, 2022, the market regulator approved the company's application to register and offer 21.43 million shares, or 30% of its capital reaching 50 million shares, according to data available with Argaam.

Retail offer will run from May 28-29.

Participating parties include those entitled to participate in the book-building process, including mutual funds, companies, qualified foreign investors (QFIs) as well as GCC and foreign corporate investors under the swap agreements, to whom the total offer shares are allocated.

If individual investors subscribe to the offer shares allocated thereto, the lead manager shall have the right to reduce the number of shares allocated to participating parties to 19.29 million, representing 90% of the total offer shares.

Individual investors include Saudi legal persons, residents in Saudi Arabia, as well as GCC nationals, to whom 2.14 million shares maximum are allocated, representing 10% of the total offer shares.

Established in 2012, MMFC is a pioneering Shariah-compliant financing platform offering a wide range of services to individuals as well as small- and medium-sized enterprises (SMEs).

Company Profile
Company	Morabaha Marina Financing Co. (MMFC)
Market	Tadawul
Core Activities	Financing production assets and SMEs
Capital	SAR 500 mln
Pre-Offer Shares	50 mln
Post-Offer Capital	SAR 714.28 mln
Post-Offer Shares	71.43 mln

Offer Details
Issue Percentage	30%
Offered Shares	21.43 mln
Qualified Subscribers	- Participating categories that include investment funds, QFIs, legal entities and GCC investors. - Retail investors
IPO Minimum Limit for Retail Investors	10 shares
Minimum Size for Institutional Investors	100,000 shares
IPO Maximum Size for Retail Investors	250,000 shares
Maximum Size for Institutional Investors	3.57 mln shares
Institutional Offer Period and Book Building	May 14-18, 2023
Retail Offer	May 28-29, 2023
Final Allocation	June 4, 2023
Surplus Refunds	June 14, 2023
Financial Advisor, Lead Manager, Main Underwriter and Book Runner	Albilad Capital
Receiving Banks	Bank Albilad, Riyad Bank, Al Rajhi Bank and Alinma Bank

Company Shareholders
Shareholders	Pre-IPO		Post-IPO
Shareholders	Number of Shares (‘000 shares)	Ownership (%)*	Number of Shares (‘000 shares)	Ownership (%)*
Abdulrahman Mohammed Abdulrahman Al-Ghumlas	5.23	10.46%	5.23	7.32%
Talal Ibrahim Ali Al-Maiman	5.22	10.45%	5.22	7.31%
Sultan Moazi Fhaid AlOsaimi	4.74	9.48%	4.74	6.64%
Mohammed Othman Al-Abdullah AlKasabi	2.58	5.16%	2.58	3.61%
Daoud Suleiman Ibrahim AlSabati	2.49	4.98%	2.49	3.48%
Rashid Rashid Saad Bin Owein	1.98	3.96%	1.98	2.77%
Treasury Shares	1.61	3.21%	1.61	2.25%
Kafou Commercial Investment Company	1.48	2.97%	1.48	2.08%
Abdullah Ahmed Abdullah Alfiddi	1.26	2.51%	1.26	1.76%
Salem Saeed Abdullah AlAyedh AlQahtani	1.24	2.47%	1.24	1.73%
Fahad Mohammed Saleh AlForayya	1.02	2.05%	1.02	1.43%
Other Shareholders	21.15	42.30%	21.15	29.62%
Public	--	--	21.43	30.00%
Total	50.00	100.00%	71.43	100.00%

*As of the date of this prospectus, none of the company’s current shareholders have any indirect ownership.

For More IPOs

Issues Prospectus

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