Announcement of the Price Range and start of Institutional Book-building period for the initial public offering of Nayifat Finance Company
HSBC Saudi Arabia, in its capacity as Financial Advisor, Lead Manager, Lead underwriter and Lead Bookrunner, and GIB Capital and Saudi Fransi Capital, in their capacity as Joint Bookrunners and Co-Underwriters, on the potential initial public offering of Nayifat Finance Company (“Nayifat” or the “Company”) announce on behalf of the Company the price range, as well as the commencement of the institutional book-building period; as per the following details:
- The price range for the Offering has been set at SAR 29 – 34 per share (the “Price Range”)
- The Offering is comprised of 35 million (35,000,000) ordinary Shares (the “Offer Shares”), representing 35% of Nayifat’s issued share capital, by way of a sale of existing Shares by the selling shareholders.
- The minimum number of Offer shares to be applied for by participating entities is one hundred thousand (100,000) shares, while the maximum number of shares is four million, nine hundred ninety-nine thousand, nine hundred ninety-nine (4,999,999) shares.
- The participation in the book-building process is confined to the participating parties in accordance with the Instructions for Book Building Process and Allocation Method in Initial Public Offerings issued by the Board of the Capital Market Authority.
- The final price per Offer Share will be determined after the completion of the book-building process, to be followed by the Individual Investors subscription process, the number of Offer Shares to be provisionally allocated to Participating Parties is thirty-five million (35,000,000) Offer Shares, representing 100% of the total Offer Shares. Final allocation of the Offer Shares will be made after the end of the subscription period for Individual Investors. In the event that Individual Investors subscribe for all the Offer Shares allocated thereto, the Bookrunners shall have the right to reduce the number of shares allocated to Participating Parties to a minimum of thirty-one million, five hundred thousand (31,500,000) Offer Shares, representing 90% of the total Offer Shares.
- Bidding and book-building period for Participating Entities: starts on 21 October 2021 and ends on 28 October 2021.
- For more information and for the prospectus, please visit the Capital Market Authority website (www.cma.org.sa), and Nayifat’s website (https://ipos.nayifat.com/)