Amlak International issues IPO prospectus

Amlak International for Real Estate Finance, Saudi Arabia’s leading non-bank real estate finance company, issued on Monday a prospectus for its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).

Amlak will float 27.18 million shares, or 30% of its share capital.

On Dec. 25, 2019, the Capital Market Authority (CMA) approved Amlak’s request to sell 27.18 million shares, or a 30% of its capital, in an IPO.

Last week, the market regulator extended its approval for floating and listing Amlak’s shares until July 15, 2020.

The IPO targets 2 tranches:

Participating parties

This tranche comprises institutions and companies, including qualified foreign investors and companies, Gulf investors and legal personality. It includes all categories of investors entitled to participate in the book-building process.

A total of 27.18 million shares or 100% of the offering size will be allocated to institutional investors, subject to a scaleback to 90% or 24.46 million shares.

The final allocation will follow the completion of the retail offering.

Retail investors

This tranche comprises Saudi nationals, including any Saudi female divorcee or widow with minor children from a non-Saudi father, and any non-Saudi natural person who is resident in the Kingdom and any GCC national, in each case who has a bank account with one of the receiving entities;

Up to 10% of the offering size or 2.72 million shares will be allocated to this tranche.

The book-building process for institutional investors will run from June 22 to June 29, while the retail offering from July 2-5.

After the IPO completion, Saudi Investment Bank (SAIB) will remain the biggest shareholder in the company with a 22.41% stake. Amlak Finance will rank second with an 18.35% stake.

Major Shareholders
	Before IPO		After IPO
Shareholders	Number of shares (mln shares)	Stake %	Number of shares (mln shares)	Stake %
SAIB	29.00	32.01 %	20.30	22.41 %
Amlak Finance	23.75	26.21 %	16.63	18.35 %
Al Tawfeek Development House Holding	13.00	14.35 %	9.10	10.04 %
Makarem International Real Estate Development	5.10	5.63 %	3.57	3.94 %
Aseer Trading & Tourism	5.00	5.52 %	3.50	3.86 %
Remaining shareholders	14.75	16.28 %	10.32	11.40 %
Public	--	--	27.18	30.00 %
Total	90.60	100 %	90.60	100 %

Company’s Profile
Company	Amlak International for Real Estate Finance
Market	Saudi Stock Exchange (Tadawul)
Company core activity	Real estate financing
Status	Active
Capital	SAR 906 mln

IPO Summary
Issue percentage (%)	30%
Number of shares offered	27.18 mln shares
IPO Price	To be determined through book building process
Qualified subscribers	- The participating categories which includes a group of qualified institutions, companies, foreign investors and Gulf investors with legal personality -Retail Investors
IPO minimum limit for retail	10 shares
IPO minimum limit for participating categories	100,000 shares
IPO maximum limit for retail	1 mln shares
IPO maximum limit for participating categories	4.53 mln shares
Requests recording period for participating categories and book building process	8 days from June 22 until June 29, 2020
Retail IPO period	4 days from July 2 until July 5, 2020
Final allotment	July 12, 2020
Surplus return	July 14, 2020

IPO Summary
Issue percentage (%)	30%
Number of shares offered	27.18 mln shares
IPO Price	To be determined through book-building process
Qualified subscribers	- Participating categories include institutions and companies, including qualified foreign investors and companies, Gulf investors and legal personality -Retail Investors
IPO minimum limit for retail	10 shares
IPO minimum limit for participating categories	100,000 shares
IPO maximum limit for retail	1 mln shares
IPO maximum limit for participating categories	4.53 mln shares
Requests recording period for participating categories and book-building process	8 days from June 22-29, 2020
Retail IPO period	4 days from July 2-5, 2020
Final allotment	July 12, 2020
Surplus return	July 14, 2020

Additional Information
Financial advisor, lead manager, underwriter, institutional book runner	NCBC
Receiving banks	SAIB, NCB, Al Rajhi Bank, Bank Aljazira

For more IPOs

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