‎Retail subscription for MARAFIQ’s IPO starts today

‎Retail subscription for MARAFIQ’s IPO starts today

Retail investors will start today, Oct. 26, subscription to about 21.93 million shares of Power and Utility Company for Jubail and Yanbu (MARAFIQ), or 30% of total offered shares, at SAR 46 each, as set by the book-building process.

The subscription process for the retail tranche will run for five days, until Oct. 30.

The Capital Market Authority (CMA) approved on Sept. 26 the company's request to float a 29.24% stake, or 73.09 million shares, in an initial public offering (IPO).

The company’s institutional offering, which ended last week, was 59x covered.

The value of subscription applications received during the book building process reached SAR 1 billion.

This will be the 12th listing on the main market this year, after East Pipes Integrated Company for Industry (Jan. 24), Scientific & Medical Equipment House Co. (Jan. 31), Elm Co. (Feb. 3), Al-Dawaa Medical Services Co. (Feb. 27), Al Masane Al Kobra Mining Co. (March 9), Nahdi Medical Co. (March 13), Saudi Home Loans Co. (March 27), Retal Urban Development Co. (June 5), Alamar Foods (July 20), Naqi Water Co. (July 27) and Arabian Drilling Co. (Oct. 18).

Last year witnessed nine listings, including Alkhorayef Water and Power Technologies Co. (March 1), Theeb Rent a Car Co. (March