Logo of Morabaha Marina Financing Co.
Retail investors will start today, May 28, subscription to about 2.14 million shares of Morabaha Marina Financing Co. (MMFC), or 10% of the total offered shares, at SAR 14.60 each, as set by the book-building process.
The subscription process for the retail tranche will run for two days until May 29.
The Capital Market Authority (CMA) approved on Dec. 26, 2022, the company's request to float 21.4 million shares in an initial public offering (IPO), representing 30% of its SAR 714.29 million capital, after a capital top-up. The shares on offer represented nearly 42.86% of the company’s SAR 500 million capital before this hike.
The company’s institutional offering, which ended last week, was 401% covered.
The IPOs of Morabaha Marina and Mawarid Manpower Co., which will also run today, are the first on Tadawul this year.
Last year, the main market witnessed 18 IPOs, namely, East Pipes Integrated Company for Industry , Scientific & Medical Equipment House Co., Elm Co. , Al-Dawaa Medical Services Co. , Al Masane Al Kobra Mining Co. , Nahdi Medical Co. , Saudi Home Loans Co. , Retal Urban Development Co., Alamar Foods Co. , Naqi Water Co. , Arabian Drilling Co., Power and Utility Company for Jubail and Yanbu (MARAFIQ), Perfect Presentation for Commercial Services Co. (2P), Americana Restaurants International Plc (Americana Restaurants) , Riyadh Cables Group Co., AlSaif Stores for Development & Investment Co.'s (Alsaif Gallery) and Saudi Aramco Base Oil Co. (Luberef), in addition to Alinma Hospitality REIT Fund.
Company Profile
Established in 2012 as a limited liability company, Morabaha Marina was transformed into a closed joint-stock company in 2014.
The company is a pioneering Shariah-compliant financing platform offering a wide range of services to individuals as well as small- and medium-sized enterprises (SMEs).
In its prospectus, Morabaha Marina noted that it provides financing solutions through Tawarruq, Ijarah and Murabaha products for individuals and SMEs.
The company implements financing through a network of 16 branches (in addition to its headquarters in Riyadh) located in 13 major and medium-sized cities in the Kingdom, in addition to the following sub-branches:
- Riyad Bank branches that include nine employees of the company.
- Saudi Post centers that provide training for employees to handle applications, which are eight main centers.
The company is also developing its digital channels to offer financing solutions through its website and smartphone application.
Subsidiary:
Morabaha Marina has one subsidiary, Digital Payments Company for FinTech (Loop). The company directly owns 80% of its subsidiary, and the table below shows the details:
|
Subsidiary Ownership Details |
||
|
Company |
Direct stake (%) |
Remaining stake |
|
Digital Payment Company for Fin Tech (Loop) |
80 % |
|
|
Company Profile |
|
|
Company |
Morabaha Marina Financing Co. (MMFC) |
|
Market |
Tadawul (Main Market) |
|
Core Activities |
Financing production assets and SMEs |
|
Capital |
SAR 500 mln |
|
Pre-Offer Shares |
50 mln |
|
Post-Offer Capital |
SAR 714.28 mln |
|
Post-Offer Shares |
71.43 mln |
|
Offer Details |
|
|
Issue Percentage |
30% |
|
Issue Price |
SAR 14.60 per share |
|
Offered Shares for retail investors |
2.14 mln |
|
Qualified Subscribers |
Retail investors |
|
IPO Minimum Limit for Retail Investors |
10 shares |
|
IPO Maximum Size for Retail Investors |
250,000 shares |
|
Retail Offer period |
May 28-29, 2023 |
|
Final Allocation |
June 4, 2023 |
|
Surplus Refunds |
June 14, 2023 |
|
Financial Advisor, Lead Manager, Main Underwriter and Book Runner |
Albilad Capital |
|
Receiving Banks |
Bank Albilad, Riyad Bank, Al Rajhi Bank and Alinma Bank |
|
Company Shareholders |
||||
|
Shareholders |
Pre-IPO |
Post-IPO |
||
|
Number of Shares (‘000) |
Ownership (%)* |
Number of Shares (‘000) |
Ownership (%)* |
|
|
Abdulrahman Mohammed Abdulrahman Al-Ghumlas |
5.23 |
10.46% |
5.23 |
7.32% |
|
Talal Ibrahim Ali Al-Maiman |
5.22 |
10.45% |
5.22 |
7.31% |
|
Sultan Moazi Fhaid AlOsaimi |
4.74 |
9.48% |
4.74 |
6.64% |
|
Mohammed Othman Al-Abdullah AlKasabi |
2.58 |
5.16% |
2.58 |
3.61% |
|
Daoud Suleiman Ibrahim AlSabati |
2.49 |
4.98% |
2.49 |
3.48% |
|
Rashid Rashid Saad Bin Owein |
1.98 |
3.96% |
1.98 |
2.77% |
|
Treasury Shares |
1.61 |
3.21% |
1.61 |
2.25% |
|
Kafou Commercial Investment Company |
1.48 |
2.97% |
1.48 |
2.08% |
|
Abdullah Ahmed Abdullah Alfiddi |
1.26 |
2.51% |
1.26 |
1.76% |
|
Salem Saeed Abdullah AlAyedh AlQahtani |
1.24 |
2.47% |
1.24 |
1.73% |
|
Fahad Mohammed Saleh AlForayya |
1.02 |
2.05% |
1.02 |
1.43% |
|
Other Shareholders |
21.15 |
42.30% |
21.15 |
29.62% |
|
Public |
-- |
-- |
21.43 |
30.00% |
|
Total |
50.00 |
100.00% |
71.43 |
100.00% |
*As of the date of the prospectus, none of the company’s current shareholders hold any indirect ownership stakes.
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