KSA Business: Marafiq IPO offer shares priced between SR41 and SR46 – Gulf Digital News

KSA Business: Marafiq IPO offer shares priced between SR41 and SR46 – Gulf Digital News

The Power and Water Utility Company for Jubail and Yanbu (Marafiq), which is offering 29.24% of the its issued share capital through an IPO, has announced the price range for the offer shares at between SR41 ($11) and SR46 per share.

The company also announced the commencement of the participating parties’ bidding and book-building period, a release said.

The offering comprises 73,094,500 shares to be sold by the current four substantial shareholders. The total offering size is expected to be between SR2.98 billion ($799 million) and SR336 billion ($897 million), implying a market capitalisation at listing between SR10.25 billion ($ 2.73 billion) and SR11.50 billion ($3.07 billion).

Free float of 30pc

The company is expected to have a free float of 30% of the entire issued share capital of the company at listing.

The IPO will comprise an offer of 73,094,500 offer shares to participating parties, this tranche comprises a number of institutions and companies, including investment funds, qualified foreign investors and GCC investors with legal personality who are entitled to participate in the book building process as specified under the Instructions for Book Building Process and Allocation Method in Initial Public Offerings issued by the Capital Market Authority Board pursuant to Resolution No. 2.94-2016