A look at largest initial public offerings in Tadawul

13/11/2019 Argaam Special

 

Investors in Saudi Arabia and across the world are keeping an eye out on Saudi Aramco’s announcement of its long-awaited initial public offering (IPO).

 

Regardless of its size, Saudi Aramco’s IPO will likely be the world’s largest offering, and is expected to exceed Alibaba's 2014 IPO worth $21.77 billion.

 

In Saudi Arabia, the state energy firm’s public offering is forecast to top National Commercial Bank’s (NCB) SAR 22.5 billion IPO in Oct. 2014.

 

The Saudi Stock Exchange (Tadawul) witnessed several large offerings (whether IPOs, rights issues or secondary offerings) led by NCB in 2014, Riyad Bank’s offering in 2008, Alinma Bank’s IPO in 2008 and Saudi Telecom Co.’s IPO in 2003 (STC).

 

Tadawul’s Top 20 Largest IPOs

Company

IPO type

IPO Size (SAR bln)

Year

NCB

Initial offering

22.50

2014

Riyad

Capital hike

13.10

2008

Alinma

Initial offering

10.50

2008

STC

Initial offering

10.20

2003

Maaden

Initial offering

9.25

2008

Saudi Kayan

Initial offering

6.75

2007

Zain Saudi

Initial offering

6.30

2008

Zain Saudi

Capital hike

6.00

2012

Petro Rabigh

Initial offering

4.60

2008

Riyad

Capital hike

3.80

1991

Dar Al Arkan

Initial offering

3.30

2007

Kingdom Holding

Initial offering

3.20

2007

Emaar EC

Initial offering

2.55

2006

Sipchem

Initial offering

2.48

2006

Petrochem

Initial offering

2.40

2009

SIIG

Capital hike

2.25

2008

Jabal Omar

Initial offering

2.00

2007

Mobily

Capital hike

2.00

2008

Sipchem

Capital hike

2.00

2008

Yansab

Initial offering

1.97

2005

 

 

 

 

Tadawul’s Top 10 IPOs in Terms of Number of Subscribers

Company

Year

Number of subscribers (mln)

IPO period

Aramco

2019

??

10 days

Emaar

2006

10.2

12  days

Yansab

2005

8.9

13  days

Alinma

2008

8.8

10  days

AlBilad

2005

8.7

17  days

Zain Saudi

2008

8.5

10  days

Maaden

2008

7.0

10  days

Sipchem

2006

6.7

10  days

Petro Rabigh

2008

5.4

8  days

Chemanol

2008

5.3

10  days

Jabal Omar

2011

5.0

10  days

 

Emaar The Economic City’s (Emaar EC) IPO in 2006 attracted the biggest number of subscribers reaching 10 million.

 

The world’s most profitable company’s IPO is estimated to receive an overwhelming turnout given the state oil giant’s well-established position.

 

The latest offerings on Tadawul cut the retailers’ share allocation to 10 percent, while 90 percent of shares are offered to institutions.

 

Tadawul’s Significant IPOs since 2007

Company

IPO date

IPO price

Number of IPO shares (mln share)

IPO Size (SAR mln)

Funds raised (SAR mln)

Coverage ratio (retail)

Aramco

Nov. 2019

??

??

??

??

??

NCB

Oct.  2014

45

500

22,500

310.7*

2301 %

Kayan

April  2007

10

675

6,750

37,900

560%

Alinma

April  2008

10

1050

10,500

18,270

174%

Zain Saudi

Feb 2008

10

630

6,300

17,830

283%

Petro Rabigh

Jan 2008

21

219

4,599

16,020

348%

Maaden

July  2008

20

462.5

9,250

10,096

139 %

Kingdom Holding

July  2007

10.25

315

3,229

8,500

264 %

Jabal Omar

June  2007

10

201.4

2,014

6,234

309%

Chemanol

Aug.  2008

12

60.3

723.6

4,130

601 %

Dar Al Arkan

Dec.  2007

56

59.5

3,329

2,090

209%

SGS

June  2015

50

56.40

2,820

3,800

339 %

Knowledge City

May  2010

10

102

1,020

1,690

165%

Al Tayyar

May  2012

57

24

1,368

1,645

241%

*SAR bln

 

In 2014, NCB raised up to SAR 311 billion, while Saudi Kayan Petrochemical Co. (Saudi Kayan) raised around SAR 37.9 billion in 2007.

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