Leejam debuts on Tadawul today

10/09/2018 Argaam

 

Leejam Sports Co. will start trading today, Sept. 10 under the code 1830, with a daily price fluctuation limit of 10 percent per share.

 

Leejam is the market’s first listing this year, bringing the total number of listed firms to 173, excluding the 15 real estate investment traded funds (REITs).

 

The fitness center operator floated 30 percent of its capital, or 15.72 million shares at SAR 52 each in an initial public offering (IPO) on Tadawul, Argaam earlier reported.

 

The IPO was 245 percent oversubscribed with a minimum of ten shares allotted to each subscriber.

 

The firm, which owns the “Fitness Time” brand, operated 108 fitness centers in Saudi and other four the United Arab Emirates by the end of 2017.

 

The company increased its fitness centers network over the past ten years to 112 existing centers, with 31 fitness under development as of Dec. 31, 2017.

 

The number of members grew over the last years to 210,000 subscribers, increasing the firm’s market share to 27 percent of the Kingdom’s fitness market.

 

Revenue & Subscribers

Gym Category

Revenue

 (SAR ‘000)

Percent to total revenue

Number of centers*

Number of subscribers

Fitness Time Plus

27,476

3.7 %

4

3,686

Fitness Time

360,752

49.2 %

51

82,547

Fitness Time Pro

206,968

28.2 %

41

73,792

Fitness Time Basic

1,320

0.2 %

--

--

Fitness Time Junior

20,276

2.8 %

8

3,718

Fitness Time Academy

166

0.02 %

--

--

Fitness Time Ladies

14,576

2.0 %

8

12,333

Clients from companies and rent revenue

101,313

13.8 %

--

33,872

Total

732,846

100 %

112

209,948

*Only existing centers

 

Leejam Sport Co.’s assets stood at SAR 1.5 billion by the end of 2017, compared to SAR 1.36 billion a year earlier.

 

Net Assets Within the Kingdom & Abroad (SAR mln)

Item

2015

2016

2017

Total assets in the Kingdom

1,001.87

1,311.83

1,448.90

Total assets abroad

47.99

44.56

56.03

Total assets

1,049.86

1,356.39

1,504.93

Percent of assets abroad to total assets

4.58%

3.29 %

3.72 %

 

Company’s Profile

Market

TASI

Main activities

Establishing, running and operating gyms

Status

Active

Capital

SAR 523.83 mln

 

Hamad Ali Al Sagri is Leejam’s largest shareholder, owning a 60.5 percent stake in the firm.

 

Major Shareholders

Shareholder

Number of shares before IPO (mln)

Stake

Number of shares after IPO (mln)

Stake

Hamad Al Sagri

31.67

60.5 %

31.67

60.5 %

Target Opportunities Co. for Trading

13.15

25.1 %

1.36

2.6 %

Latifa Al Haqbani

2.32

4.4 %

0.52

1.0 %

Abdul Mohsen Al Haqbani

1.66

3.2 %

1.66

3.2 %

12 other shareholders

3.58

6.8 %

1.45

2.7 %

Public

--

--

15.72

30.0 %

Total

52.38

100 %

52.38

100 %

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