‎Retail subscription to Morabaha Marina IPO begins

Saudi Arabia
  • Date: 28-May-2023
  • Source: Argaam
  • Sector:Retail
  • Country:Saudi Arabia
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‎Retail subscription to Morabaha Marina IPO begins

Retail investors will start today, May 28, subscription to about 2.14 million shares of Morabaha Marina Financing Co. (MMFC), or 10% of the total offered shares, at SAR 14.60 each, as set by the book-building process.

The subscription process for the retail tranche will run for two days until May 29.

The Capital Market Authority (CMA) approved on Dec. 26, 2022, the company's request to float 21.4 million shares in an initial public offering (IPO), representing 30% of its SAR 714.29 million capital, after a capital top-up. The shares on offer represented nearly 42.86% of the company’s SAR 500 million capital before this hike.

The company’s institutional offering, which ended last week, was 401% covered.

The IPOs of Morabaha Marina and Mawarid Manpower Co., which will also run 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),