Logo of Morabaha Marina Financing Co. (MRNA)
Morabaha Marina Financing Co. (MRNA) will start trading on the Saudi Exchange (Tadawul) today, June 21, with the symbol 4082 and ISIN Code SA15QG71VP17.
The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively. These fluctuation limits will be applied during the first three days of listing. From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10% and the static price fluctuation limit will no longer apply.
MRNA is the third company to debut on Tadawul this year, after the listing of Al Mawarid Manpower Co. on June 19, and Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) on June 20, besides the listing of Alinma Hospitality REIT Fund.
Last year, the main market witnessed 17 IPOs, namely, Elm Co., East Pipes Integrated Company for Industry, Scientific & Medical Equipment House Co., Al-Dawaa Medical Services Co., Nahdi Medical Co., Al Masane Al Kobra Mining Co., Saudi Home Loans Co., Retal Urban Development Co., Alamar Foods, 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. (Alsaif Gallery) and Saudi Aramco Base Oil Co. (Luberef).
MRNA will bring the total number of Tadawul-listed companies to 209, excluding 18 REITs.
The company offered 21.43 million shares, or 30% of its capital, at SAR 14.60 per share. 90% of offered shares were allocated to participating parties, while the remaining 10% were allocated to retail investors.
The retail tranche was 551% covered, while the tranche of participating parties was 401% subscribed.
A total of 194,000 retail investors submitted applications to shares worth about SAR 172.4 million.
Each retail investor received a minimum of 10 shares, while the remaining shares will be allocated pro rata, based on the demand size of every subscriber to total shares. The allotment ratio amounted to 2.05%.
Company Profile
MRNA was established as a limited liability company in 2012 in Riyadh, and it converted into a closed joint stock company in 2014. A Shariah-compliant financing platform, MRNA is involved in financing productive assets and SMEs. It has an 80%-owned subsidiary, Digital Payments Company for Financial Technology.
The company provides financing solutions through Tawarruq, Ijarah and Murabaha products to individuals and SMEs. It operates via a network of 16 branches located in 13 major and medium-sized cities in the Kingdom, in addition to its main headquarters in Riyadh, and a number of sub-branches within Riyad Bank and Saudi Post branches.
It is currently working on developing its digital channels to provide its financing solutions its website and smart phone application.
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Company Profile |
|
|
Company |
Morabaha Marina Financing Co. (MRNA) |
|
Market |
Tadawul |
|
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 |
|
Company Shareholders |
||||
|
Shareholders |
Pre-IPO |
Post-IPO |
||
|
Number of Shares (‘000 shares) |
Ownership (%)* |
Number of Shares (‘000 shares) |
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 publication, none of the company’s current shareholders have any indirect ownership.
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