‎Al Saif Gallery issues prospectus to list 10.5 mln shares on Tadawul

‎Al Saif Gallery issues prospectus to list 10.5 mln shares on Tadawul

AlSaif Stores for Development and Investment Co. (Al Saif Gallery) issued today the prospectus to list 10.5 million shares on the Saudi Exchange (Tadawul).

The company obtained on Sept. 28 the Capital Market Authority’s (CMA) approval to float 10.5 million shares on the Saudi Exchange (Tadawul).

The planned-to-be-offered stake represents 30% of the company’s share capital reaching 35 million shares.

The offered shares will be to two categories:

- Participating parties: Those who are qualified to participate in the book building process, to which all offered shares (100%) were allocated. In the event that retail investors fully subscribe to their allocated shares, the financial advisor will have the right to reduce the number of their allocated shares to 90% of total offered shares, at 9.45 million as a minimum.

- Retail investors: Saudi nationals, residents in the Kingdom, nationals of GCC states, to which 1.05 million shares were allocated as a minimum.

The company's board is currently chaired by Suleiman bin Mohammed bin Saleh Al-Saif, who owns 92.5% pre-IPO. His ownership post-IPO will reach 62.5%.

Established in Riyadh on June 9, 1993, the company currently operates in retail sale of home utensils. It operates 58 stores in 29 Saudi cities, under Al-Saif Gallery branch, in addition to