Al Majid Oud Company’s Public Offering Begins on Saudi Stock Market

Today, the individual subscription period for Al Majid Oud Company’s public offering on the Saudi Stock Market commences, with 1.5 million ordinary shares representing 20% of the total shares offered for public subscription, primarily allocated to individual customers.

Saudi Franchi Capital, as the subscription manager, along with receiving parties Bank Saudi Franchi and Al Raji Bank, have finalized preparations to accept subscription applications from individual investors, which will be open for one day only.

Saudi Franchi Capital has successfully completed the order book building process for the institutional subscription segment, setting the final offer price at 94 Saudi Riyals per share, with a coverage ratio of 15,646%.

Participating companies have subscribed to all the shares offered and have been allotted 7.5 million ordinary shares, representing 100% of the total shares offered for subscription in the first phase.

Al Majid Oud has set a price range for its initial public offering on the Saudi stock market between 90 and 94 riyals per share, valuing the company at 2.35 billion riyals at the upper end of the price range.

The book-building period for Al Majid Oud Company’s IPO began on August 25, offering a 30% stake on the main Saudi stock market.