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Saudi perfume maker to list 30% stake

By Pramod Kumar
Perfume maker Al Majed for Oud has 286 stores, of which 237 are in Saudi Arabia and 49 in the GCC region Al Majed for Oud Company/X
Perfume maker Al Majed for Oud has 286 stores, of which 237 are in Saudi Arabia and 49 in the GCC region
  • Al Majed for Oud to sell 7.5m shares
  • 650 products under 132 brands
  • Fragrance market predicted to grow

Al Majed for Oud Company, a $200 million perfume and oud products manufacturer, intends to float 30 percent of its capital, or 7.5 million shares, on the Saudi stock exchange.

The final IPO price will be determined after the book-building process, which will run from August 25 to 29.

The retail offering will be for one day on September 15, comprising 1.5 million shares, or 20 percent of the offer shares.

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The shares will start trading on the main market upon completion of the formalities.

“The listing will diversify our investor base and strengthen our business operations to accelerate our growth and expansion strategy both locally and internationally,” said CEO Waleed Al Majed.

Established in 1982, Al Majed for Oud revenues have grown from SAR442.5 million ($118 million) in 2021 to SAR767 million in 2023, at a compound annual growth rate (CAGR) of 31.7 percent, according to its prospectus.

The company’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.

The fragrance market in the kingdom is projected to increase at a CAGR of 11 percent between 2023 and 2027, reaching SAR13.4 billion in 2027, according to a Euromonitor International market study.

This growth is expected to be driven primarily by rising disposable income, female empowerment and rising recreational tourism, as well as Hajj and Umrah, the report said.

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