Logo of Dar Almarkabah for Renting Cars Co.
Qualified investors started today, Aug. 13, subscription to 500,000 shares of Dar Almarkabah for Renting Cars Co. in its planned initial public offering (IPO) on Nomu-Parallel Market.
The offered shares represent 20% of the company's post-IPO capital of SAR 20 million, divided into two million shares. The price range was set between SAR 33-40 per share.
The subscription period will run until Aug. 17.
With Dar Almarkabah’ IPO, offerings on Nomu would reach 16 in 2023, following WAJA Co. on Feb. 12, Bena Steel Industries Co. and KnowledgeNet Co. (Feb. 26), Horizon Food Co. (March 5), Ghida Al-Sultan and Foods Gate Co. (March 12), Saudi Lime Industries Co. and Meyar Co. (March 19), Almuneef Company for Trade (May 14), Tam Development Co. (May 21) as well as Saudi Call Trading Co., Al Razi Medical Co. (June 4), Abdul Aziz Al-Twaijri Trading Co. (June 11), Professional Medical Expertise Co. (ProMedEx) (July 9) and Marble Design Co. (July 23).
Nomu saw 19 IPOs last year, including Gas Arabian Services Co., Raoom Trading Co., Al-Jouf Mineral Water Bottling Co., Arabian International Healthcare Holding Co. (Tibbiyah), Arabian Food & Dairy Factories Co. (FADECO), Ladun Investment Co., Amwaj International Co., Saudi Networkers Services Co. (SNS), International Human Resources Co. (IHR), Naba Alsaha Medical Services Co., Arabian Plastic Industrial Co. (APICO), Abdulaziz and Mansour Ibrahim Albabtin Co. (AlBabtain Food), Knowledge Tower Trading Co., Molan Steel Co., Saudi Top Trading Co., Leen Alkhair Trading Co., Nofoth Food Products Co. and Alwaha REIT Fund.
On June 20, the Capital Market Authority (CMA) approved Dar Almarkabah's application to float 20% of its capital on Nomu, according to data available with Argaam.
The subscription is limited to certain categories of investors, including capital market institutions authorized to act on their own account, as well as clients of capital market institutions authorized to carry out management operations.
This is provided that they are appointed under terms that enable them to take decisions related to accepting participation in the share offering and investment in Nomu on behalf of clients without prior consent.
This is provided that they are appointed under terms that enable them to take decisions related to accepting participation in the share offering and investment in Nomu on behalf of clients without prior consent.
The categories include the Saudi government, any government body or international entity approved by the CMA or the Saudi market, or any other financial market recognized by the CMA or the Securities Depository Center (Edaa).
They also include companies owned by the government, directly or through a portfolio managed by a market institution authorized to practice management operations, investment funds, in addition to companies and funds established in the GCC countries.
Investors qualified to participate in the subscription include non-resident foreigners who are allowed to invest in Nomu, qualified foreign financial institutions and any legal person entitled to open investment accounts inside the Kingdom and with Edaa.
Natural persons are also among the qualified investors allowed to open investment accounts inside the Kingdom and with Edaa, provided they fulfill certain criteria.
They should have executed transactions in the securities markets worth a total of no less than SAR 40 million, and at least 10 deals in each quarter during the past 12 months.
Natural persons should also have a net asset value of no less than SAR 5 million and be working or have worked for at least three years in the financial sector.
They should hold a general certificate in securities dealing, approved by the CMA, and a professional certificate in the field of securities business, approved by an internationally-recognized body.
The list of qualified investors includes any other persons to be defined by the CMA.
Company Profile
Dar Almarkabah is a closed Saudi joint stock company, established as a sole proprietorship in 2013 and headquartered in Riyadh.
The company's activity is represented in car rentals with or without a driver included.
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Company Profile |
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Company |
Dar Almarkabah for Renting Cars Co. |
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Market |
Nomu-Parallel Market |
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Core Activities |
Car rentals |
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Capital |
SAR 20 mln |
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Post-IPO Capital |
SAR 25 mln |
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IPO Summary |
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Issue Percentage |
20% |
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Offered Shares |
500,000 |
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Minimum Limit |
10 shares |
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Maximum Limit |
124,990 shares |
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Offer Period |
Aug. 13-17, 2023 |
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Final Allocation |
Aug. 22, 2023 |
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Refund (if any) |
Aug. 24, 2023 |
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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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|
Salah Bilal Mousa Alzahrani |
1100.00 |
55% |
1100.00 |
44% |
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Sharifa Muait Utaibi Alkanani Alzahrani |
300.00 |
15% |
300.00 |
12% |
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7 shareholders, each of whom owns less than 5% of capital |
600.00 |
30% |
600.00 |
24% |
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Qualified Investors |
-- |
-- |
500.00 |
20% |
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Total |
2000.00 |
100% |
2500.00 |
100% |
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Additional Information |
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Financial Advisor |
Watheeq Capital |
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Lead Manager |
Derayah Financial |
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