Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, set the final price of its initial public offering at the top end of the range, valuing the company at 12.6 billion Saudi riyals ($3.36bn).
The final offer price was set at 105 riyals per share, Saudi Tadawul Group said in a statement on Sunday following the book building process. It had earlier set the price range of its IPO between 95 riyals and 105 riyals per share.
The total order book was 458bn riyals.
Saudi Tadawul Group is selling 36 million shares, or 30 per cent of its 120 million issued share capital, to the public. The company, which received approval for the public float from Saudi Arabia's Capital Markets Authority on November 4, said individual subscribers will be able to subscribe for shares in the offering between Tuesday and Thursday next week (November 30 and December 2).
On November 9, the holding company increased the size of the offering for retail investors to 30 per cent, up from 10 per cent initially, to increase the participation of individual investors.
“Our aim is to provide an adequate opportunity to all types of investors in the Saudi equity market to participate in the offering,” Khalid Al Hussan, chief executive of Saudi Tadawul Group, said at the time.
“Individual investors’ demand has been high, as seen during recent IPOs in Saudi Arabia, and we wanted to seize this momentum to encourage diversity in our shareholding structure post-listing.”
Saudi Tadawul Group's shares will be listed on the main index of the Saudi Exchange once offering and listing formalities are completed, the company said earlier this month. Citigroup, JP Morgan Chase and SNB Capital are financial advisers and global co-ordinators for the IPO.
The kingdom’s sovereign wealth fund, the Public Investment Fund, which is the sole owner of the company, is selling the shares that will be offered to both retail and institutional investors.
Tadawul, which is among the top 10 global stock markets with a market capitalisation of about $2.8 trillion, will become the third publicly traded regional stock exchange, after the Dubai Financial Market and Boursa Kuwait, once it is listed.
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Barings Bank
Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal.
Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson.
Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.
UAE currency: the story behind the money in your pockets
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
2019 ASIAN CUP FINAL
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
Donating your hair
• Your hair should be least 30 cms long, as some of the hair is lost during manufacturing of the wigs.
• Clean, dry hair in good condition (no split ends) from any gender, and of any natural colour, is required.
• Straight, wavy, curly, permed or chemically straightened is permitted.
• Dyed hair must be of a natural colour
World Cup warm-up fixtures
Friday, May 24:
- Pakistan v Afghanistan (Bristol)
- Sri Lanka v South Africa (Cardiff)
Saturday, May 25
- England v Australia (Southampton)
- India v New Zealand (The Oval, London)
Sunday, May 26
- South Africa v West Indies (Bristol)
- Pakistan v Bangladesh (Cardiff)
Monday, May 27
- Australia v Sri Lanka (Southampton)
- England v Afghanistan (The Oval, London)
Tuesday, May 28
- West Indies v New Zealand (Bristol)
- Bangladesh v India (Cardiff)
UAE currency: the story behind the money in your pockets
Smart words at Make Smart Cool
Make Smart Cool is not your usual festival. Dubbed “edutainment” by organisers Najahi Events, Make Smart Cool aims to inspire its youthful target audience through a mix of interactive presentation by social media influencers and a concert finale featuring Example with DJ Wire. Here are some of the speakers sharing their inspiration and experiences on the night.
Prince Ea
With his social media videos accumulating more half a billion views, the American motivational speaker is hot on the college circuit in the US, with talks that focus on the many ways to generate passion and motivation when it comes to learning.
Khalid Al Ameri
The Emirati columnist and presenter is much loved by local youth, with writings and presentations about education, entrepreneurship and family balance. His lectures on career and personal development are sought after by the education and business sector.
Ben Ouattara
Born to an Ivorian father and German mother, the Dubai-based fitness instructor and motivational speaker is all about conquering fears and insecurities. His talk focuses on the need to gain emotional and physical fitness when facing life’s challenges. As well managing his film production company, Ouattara is one of the official ambassadors of Dubai Expo2020.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nag%20Ashwin%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EPrabhas%2C%20Saswata%20Chatterjee%2C%20Deepika%20Padukone%2C%20Amitabh%20Bachchan%2C%20Shobhana%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E%E2%98%85%E2%98%85%E2%98%85%E2%98%85%3C%2Fp%3E%0A
