Amlak International for Real Estate Finance, Saudi-based non-bank real estate finance company, will proceed with an initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).
The retail offering will start from July 2 until July 5.
The company will float 27.18 million shares, or 30% of its share capital. 90% of total IPO shares will be allocated for institutions, with the remaining 10%, or a maximum of 2.72 million shares, will be offered to retail investors.
The book building process for institutions will run from June 22 until June 29, the company said in a statement to Argaam.
|
IPO Expected Dates |
|
|
Beginning of book building for institutions |
June 22, 2020 |
|
End of book building for institutions |
June 29, 2020 |
|
Share price announcement |
June 30, 2020 |
|
Beginning of retail investors IPO |
July 2, 2020 |
|
End of retail investors IPO |
July 5, 2020 |
|
Allotment |
July 12, 2020 |
|
Surplus repayment for all investors |
July 15, 2020 |
|
Lock-up period |
6 months from trading on Tadawul |
Amlak International was established in 2007 as a closed joint stock company with SAR 906 million in capital.
It was licensed by the Saudi Arabian Monetary Authority (SAMA) in 2013 to provide Sharia-compliant real estate financing solutions to corporate (including high-net-worth-individuals HNWIs) and individual clients.
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.
|
Company, IPO Profile |
|
|
Capital |
SAR 906 mln |
|
Current number of shares |
90.6 mln shares |
|
Company core activity |
Retail and corporate real estate financing |
|
Status |
Active |
|
Number of IPO shares |
27.18 mln shares |
|
Financial Advisor, underwriter, lead manager |
NCB Capital |
|
IPO proceeds use |
Net IPO proceeds will be paid to selling shareholder on a pro-rata basis according to their stakes of IPO shares |
The company appointed NCB Capital as sole financial advisor, sole bookrunner, sole underwriter and lead manager for the offering.
Amlak reported SAR 296 million in revenues in 2019. Its earnings before tax (EBT) hit SAR 102 million, leading to a margin of 34.4% in 2019.
In Q1 2020, revenue hit SAR 75 million, while EBT stood at SAR 33 million. The first quarter margin reached 44%.
Saudi Investment Bank (SAIB) was the biggest shareholder in the company, holding a 32.01% stake by the end of 2018. Amlak Finance came second with a 26.21% stake.
The following table illustrates shareholders’ ownership by the end of 2018:
|
Major Shareholders at 2018-end |
||
|
Shareholder |
Number of shares (mln shares) |
Stake % |
|
SAIB |
29.00 |
32.01 % |
|
Amlak Finance |
23.75 |
26.21 % |
|
AL Tawfeek Development House Holding |
13.00 |
14.35 % |
|
Makarem International Real Estate Development |
5.10 |
5.63 % |
|
Aseer Trading & Tourism |
5.00 |
5.52 % |
|
Remaining shareholders |
14.75 |
16.28 % |
|
Total |
90.60 |
100 % |
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