The IPO managers for Nayifat Finance Company, Nayifat Finance Company, set the offering price range between 29-34 riyals per share, and the start of the book building process for the institutional segment.
According to Arabia Net, HSBC Saudi Arabia, as the financial advisor, lead bookrunner, lead manager and underwriter, GEP Capital and Saudi Fransi Capital, in their capacity as bookrunners for the institutional offerings and underwriters participating in the initial public offering, disclosed the price range of the offering.
The companies clarified in their statement on the Saudi Tadawul, today, Thursday, that the price range was set between 29-34 riyals per share.
The statement indicated that the subscription process aims to offer 35 million ordinary shares of the company's shares, which represents 35% of the company's issued capital, through the sale of shares. Issuer affiliated to selling shareholders.
The minimum number of shares that can be subscribed to for the participating classes is 100,000 shares, while the maximum is 4.999 million shares.
Participation in book building is limited to categories that are eligible to participate in the book building process, in accordance with the instructions for book building and allocating shares in initial subscriptions issued by the Board of the Capital Market Authority.
The price of the offering will be determined for public subscription after the completion of the book building process, followed by the individual segment subscription process. The number of offering shares that will be initially allocated to the participating classes is 35 million shares. It represents 100% of the total offering shares, provided that the final allotment is after the end of the individual subscription period. In the event that individual subscribers subscribe to all the offering shares allocated to them, the subscription registry managers have the right to reduce the number of shares allocated to the participating classes to 31.5 million offering shares - as a minimum - which represents 90% of the total offering shares.
The order book building process for the enterprise segment begins today, Thursday, October 21, 2021, and ends on October 28, 2021.
