Saudi retail investors, today, will start subscription to around 480,000 of Al Moammar Information Systems Co.’s shares at SAR 45 a share.

 

The company’s initial public offering (IPO) is the first of its kind in the field of information technology in the Kingdom.

 

“The company is seeking to boost foothold in the field, in line with the National Transformation Program (NTP) and the Saudi Vision 2030, to list Saudi Arabia amongst the most innovative companies in the Middle East,” stated chairman, Khalid Al-Moammar.

 

The company floats 4.8 million of its shares in a public offering. The retail offering will run from March 17-21, 2019. Institutional offering was 110 percent oversubscribed.

 

Al Moammar’s IPO is considered the first offering placed in the Saudi Stock Exchange (Tadawul) this year. Last year, Tadawul saw only two IPOs, namely, National Company for Learning & Education (NCLE) and Leejam Sports Co.

 

The Riyadh-based firm was incepted in 1979, and was converted into a shareholding firm in 2008.

 

Company’s Profile

Company

Al Moammar Information Systems

Market

TASI

Main activities

Providing services and integrated solutions for information technology and communications

Status

Active

Capital

SAR 160 mln

 

IPO Summary

Issue size

30%

Number of shares offered for retail investors

480,000 shares (10% of total IPO share)

IPO Price

SAR 45/share

Qualified subscribers

Saudi retail investors

IPO minimum for retail investors

10 shares

IPO maximum for retail investors

250,000 shares

IPO period for retail investors

March 17-21

Allotment date

March 28

Surplus refund

March 28

 

Additional Information

Financial advisor, lead manager, underwriter

Saudi Fransi Capital

Receiving banks

BSF,Riyad, SABB

 

Major Shareholders

Shareholder

Number of shares after IPO (mln)

Stake

Ibrahim Al Moammar

3.87

24.20 %

Khalid Al Moammar

3.54

22.10 %

Other shareholders*

3.79

23.70 %

Public

4.80

30.00 %

Total

16.00

100 %

*Each shareholder owns stake below 5%.

 

Recent IPOs

Company

IPO price

(SAR)

Number of shares for retail investors

(mln share)

Coverage ratio %

(retail)

2018

National Learning

19

1.30

327 %

Leejam

52

1.57

245 %

2017

Al Waha

51

0.9

263 %

2016

L’Azurde

37

3.87

293 %

Al Yamamah Steel

36

4.57

479 %

Saudi German Hospital

64

8.28

274 %

2015

Alandalus

18

8.40

464 %

SGS

50

22.60

339 %

SACO

70

2.88

620 %

MEPCO

30

6.00

473 %

 

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