Saudi stock market listed 10 firms, 8 real estate trusts in 2017

07/01/2018 Argaam Special

 

Saudi Arabia's capital market saw the listing of ten firms and eight real estate investment trusts (REITs) across its two platforms, Tadawul and Nomu in 2017, data compiled by Argaam showed.

 

Tadawul, the mainstream market, listed a single new entrant, Zahrat Al Waha for Trading Co., in 2017 that floated 30 percent stake of its capital.

 

Market regulator, Capital Market Authority (CMA), withdrew its approval of a proposed share sale by Arabian Waterproofing Industries Co., upon the latter's request.

 

Zahrat Al Waha IPO - Tadawul

Issuer

Size

(SAR mln)

Share into Cap

(%)

Coverage

Proceeds (SAR mln)

Zahrat Al Waha

229.50

30

263% retail investors

120.87

 

Eight real estate investment trusts (REITs) went public in 2017, following the opening of market for this investment vehicle in November 2016.

 

In terms of IPO coverage, AlMa'athar REIT took the lead by being 15.2x oversubscribed, while Jadwa Al-Haramain REIT came second.

 

The market regulator approved seven other REITs that have yet to complete procedures and IPO shareholdings in 2018.

 

REIT Listings for 2017

REIT

Fund Size

(SAR mln)

IPO Size

(SAR mln)

Coverage (x)

Proceeds

(SAR mln)

Jadwa Al-Haramain

660.0

360.0

12.57

4530

Mulkia REIT

600.0

198.5

20

3950

Al Masha'ar REIT*

572.4

572.4

1

--

Al Ahli REIT 1*

1375.0

412.5

1.57

--

Musharaka REIT

880.0

352.1

10.21

3800

Taleem REIT

285.0

85.5

8.9

761

AlMa'athar REIT

613.7

184.11

15.2

2800

AlJazira REIT

118.0

--

--

--

 

Meanwhile, small- and medium-sized market, Nomu, saw the listing of nine firms in 2017. The SME market applies diluted version of regulations that help small and medium firms gain access to equity financing.

 

Among Nomu listings, Development Works For Food Co.'s offer came first by coverage and was 5x oversubscribed, followed by Raydan Restaurants and Cuisines Co. (4.93x).

 

New Listings on Nomu

 

Company

Capital

(SAR mln)

Offered Shares

(mln)

IPO %

Coverage (x)

Sale

Price

Thob Al Aseel

150.0

3.00

20%

1.50

85.00

Raydan

225.0

6.75

30%

4.93

32.00

Abo Moati

160.0

3.20

20%

2.90

15.00

Arab Sea Information

100.0

2.00

20%

2.49

11.00

Baazeem Trading

101.3

3.04

30%

4.21

39.00

Al-Omran Trading

60.0

1.20

20%

2.19

28.00

Al Kathiri

31.4

0.82

26.1%

2.51

31.00

Development Works

12.5

0.25

20%

5.03

65.00

Al-Samaani

11.3

0.23

20%

1.66

78.00

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