Logo of Morabaha Marina Financing Co.
Morabaha Marina Financing Co. (MMFC) issued its prospectus to list 21.43 million shares on the Saudi Exchange (Tadawul), according to the Capital Market Authority (CMA) website.
On Dec. 26, 2022, the market regulator approved the company's application to register and offer 21.43 million shares, or 30% of its capital reaching 50 million shares, according to data available with Argaam.
Retail offer will run from May 28-29.
Participating parties include those entitled to participate in the book-building process, including mutual funds, companies, qualified foreign investors (QFIs) as well as GCC and foreign corporate investors under the swap agreements, to whom the total offer shares are allocated.
If individual investors subscribe to the offer shares allocated thereto, the lead manager shall have the right to reduce the number of shares allocated to participating parties to 19.29 million, representing 90% of the total offer shares.
Individual investors include Saudi legal persons, residents in Saudi Arabia, as well as GCC nationals, to whom 2.14 million shares maximum are allocated, representing 10% of the total offer shares.
Established in 2012, MMFC is a pioneering Shariah-compliant financing platform offering a wide range of services to individuals as well as small- and medium-sized enterprises (SMEs).
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Company Profile |
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Company |
Morabaha Marina Financing Co. (MMFC) |
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Market |
Tadawul |
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Core Activities |
Financing production assets and SMEs |
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Capital |
SAR 500 mln |
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Pre-Offer Shares |
50 mln |
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Post-Offer Capital |
SAR 714.28 mln |
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Post-Offer Shares |
71.43 mln |
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Offer Details |
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Issue Percentage |
30% |
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Offered Shares |
21.43 mln |
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Qualified Subscribers |
- Participating categories that include investment funds, QFIs, legal entities and GCC investors. - Retail investors |
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IPO Minimum Limit for Retail Investors |
10 shares |
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Minimum Size for Institutional Investors |
100,000 shares |
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IPO Maximum Size for Retail Investors |
250,000 shares |
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Maximum Size for Institutional Investors |
3.57 mln shares |
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Institutional Offer Period and Book Building |
May 14-18, 2023 |
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Retail Offer |
May 28-29, 2023 |
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Final Allocation |
June 4, 2023 |
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Surplus Refunds |
June 14, 2023 |
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Financial Advisor, Lead Manager, Main Underwriter and Book Runner |
Albilad Capital |
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Receiving Banks |
Bank Albilad, Riyad Bank, Al Rajhi Bank and Alinma Bank |
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Company Shareholders |
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Shareholders |
Pre-IPO |
Post-IPO |
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Number of Shares (‘000 shares) |
Ownership (%)* |
Number of Shares (‘000 shares) |
Ownership (%)* |
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Abdulrahman Mohammed Abdulrahman Al-Ghumlas |
5.23 |
10.46% |
5.23 |
7.32% |
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Talal Ibrahim Ali Al-Maiman |
5.22 |
10.45% |
5.22 |
7.31% |
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Sultan Moazi Fhaid AlOsaimi |
4.74 |
9.48% |
4.74 |
6.64% |
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Mohammed Othman Al-Abdullah AlKasabi |
2.58 |
5.16% |
2.58 |
3.61% |
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Daoud Suleiman Ibrahim AlSabati |
2.49 |
4.98% |
2.49 |
3.48% |
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Rashid Rashid Saad Bin Owein |
1.98 |
3.96% |
1.98 |
2.77% |
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Treasury Shares |
1.61 |
3.21% |
1.61 |
2.25% |
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Kafou Commercial Investment Company |
1.48 |
2.97% |
1.48 |
2.08% |
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Abdullah Ahmed Abdullah Alfiddi |
1.26 |
2.51% |
1.26 |
1.76% |
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Salem Saeed Abdullah AlAyedh AlQahtani |
1.24 |
2.47% |
1.24 |
1.73% |
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Fahad Mohammed Saleh AlForayya |
1.02 |
2.05% |
1.02 |
1.43% |
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Other Shareholders |
21.15 |
42.30% |
21.15 |
29.62% |
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Public |
-- |
-- |
21.43 |
30.00% |
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Total |
50.00 |
100.00% |
71.43 |
100.00% |
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