Maharah Human Resource retail offering starts today

Maharah Human Resource Co. will offer 1.125 million shares, or 10 percent of its initial public offering (IPO) to retail investors today at SAR 69 per share.

The Capital Market Authority (CMA) approved on March 31, 2019 Maharah’s request to float 11.25 million shares, or 30 percent of capital.

Maharah allocated 10.125 million shares, or 90 percent of the total offering size to institutional investors and funds, and 10 percent for retail investors.

The IPO is the second offering on Tadawul since the beginning of this year, after Al Moammar Information Systems Co. launched its public offering in March.

The retail offering will be held from today, May 8 to May 14.

The offering to institutional investors ended recently and it was 904 percent oversubscribed.

The company was established in 2013 under Maharah Foreign Recruitment Co. with SAR 100 million in capital to provide foreign recruitment services to both the public and private sectors.

The firm changed to its current name in 2017, and increased capital in December 2018 to SAR 375 million.

Maharah has 18 branches across the Kingdom, in addition to its main offices in Riyadh and a sales office in King Saud University.

The firm fully owns a subsidiary Musanid for Cleaning Services in the in United Arab Emirates, and has acquired a 40 percent stake in Cayman Islands’ Bloovo Ltd. Both subsidiaries account for 5 percent of Mahara’s assets, revenue and liabilities.

It plans to expand in both the Kingdom and United Arab Emirates.

Company Profile
Company	Maharah Human Resources Co.
Stock market	TASI- Main Market
Company’s core business	Recruiting manpower and providing household workers
Company’s status	Active
Company’s capital	SAR 375 mln

IPO Details
IPO Percentage	30%
Number of IPO shares for retail investors	1.25 mln shares represent 10% of total IPO shares of 11.25 mln
IPO price per share	SAR 69
IPO size for retail investors	SAR 77.63 mln
Eligible investors	Saudis and GCC investors
IPO minimum for retail investors	10 shares
IPO maximum for retail investors	250,000 shares
IPO period	From May 8, 2019 until May 14, 2019
Allotment	May 21, 2019
Surplus repayment	May 21, 2019
Additional Details
Lead manager & Financial advisor	Samba Capital
Receiving bank	Samba, Al Rajhi, NCB, SABB, BSF and Riyad

Major Shareholders After IPO
Shareholder	Number of shares before IPO (‘000)	Stake %	Number of shares after IPO (‘000)	Stake %
Al Ahlia Global Real Estate Investment	10.41	27.76 %	7.29	19.43 %
Architectural Experience	8.55	22.81 %	5.99	15.97 %
Al Faisaliah Holding Group	7.50	20.00 %	5.25	14.00 %
Abdullah Al Amro	6.54	17.43 %	4.58	12.20 %
Sulaiman Al Habib Commercial Investment Co.	3.75	10.00 %	2.63	7.00 %
Others*	0.75	2.00 %	0.525	1.40 %
Public	--	--	11.25	30.00 %
Total	37.50	100.00 %	37.50	100.00 %

* Each owns less than 5% stake

Recent IPOs
Company	IPO price (SAR)	Number of shares for retail investors (mln share)	Coverage ratio % (retail)
2019
Al Moammar	45	0.71	149%
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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