Finance Saudi perfumer to raise $188m from 30% stake sale By Pramod Kumar September 4, 2024, 4:10 AM Al Majed for Oud Co/X The institutional book-building phase for Al Majed for Oud IPO was oversubscribed by 156.5 times Al Majed for Oud Co priced its initial public offering (IPO) on the Saudi stock exchange at SAR94, the top of its indicative price range announced last week. The Riyadh-based perfume and oud products manufacturer will raise SAR705 million ($188 million) by selling 7.5 million shares, or a 30 percent stake. The institutional book-building phase was oversubscribed by 156.5 times, the company said in a statement. NewsletterGet the Best of AGBI delivered straight to your inbox every week The retail offering will be for one day on September 15, comprising 1.5 million shares, or 20 percent of the offer shares. The final share allocation will take place on September 19. Upon completing the formalities, the stock will start trading on the main market, also known as Tasi. Perfume helps Dubai Duty Free hit record sales in 2023 Arabian Mills to raise up to $271m from Saudi listing Gulf IPOs raise 45% more in Q2 than last year The IPO proceeds will be distributed to the selling shareholders after deducting the offering expenses. According to the IPO prospectus, the company is not receiving any part of the offering proceeds. Al Majed for Oud’s portfolio has 650 products under 132 brands, with a daily production capacity of 50,000 products as of December 31, 2023. It has 286 stores, of which 237 are in Saudi Arabia and 49 in the rest of the GCC region.
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