‎Al Mawarid retail offering of 450,000 shares starts on TASI

‎Al Mawarid retail offering of 450,000 shares starts on TASI

Retail investors will start today, May 28, subscription to about 450,000 shares of Al Mawarid Manpower Co., at SAR 64 each, as set by the book-building process.

The subscription process for the retail tranche will run for three days until May 30.

The Capital Market Authority (CMA) approved on Dec. 26, 2022, the company's request to float 4.5 million shares in an initial public offering (IPO), representing 30% of its SAR 150 million capital (15 million shares).

The company’s institutional offering, which ended last week, was 54x covered.

The IPOs of Al Mawarid and Morabaha Marina Financing Co., which also starts today, are the first on Tadawul this year.

Last year, the main market witnessed 18 IPOs, namely, East Pipes Integrated Company for Industry , Scientific & Medical Equipment House Co., Elm Co. , Al-Dawaa Medical Services Co. , Al Masane Al Kobra Mining Co. , Nahdi Medical Co. , Saudi Home Loans Co. , Retal Urban Development Co., Alamar Foods , Naqi Water Co. , Arabian Drilling Co., Power and Utility Company for Jubail and Yanbu (MARAFIQ), Perfect Presentation for Commercial Services Co. (2P), Americana Restaurants International Plc (Americana Restaurants) , Riyadh Cables Group Co., AlSaif Stores for Development & Investment Co.'s (Alsaif Gallery)