Riyadh – Mubasher: Power and Water Utility Company for Jubail and Yanbu (Marafiq) set the price range of its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) at SAR 41-46 per share.
The Saudi firm plans to list 73.09 million shares, accounting for 29.24% of its issued share capital. The offering volume, however, will represent 30% available for free float after including the minority shareholders with 0.76% of Marafiq’s share capital, according to a bourse disclosure.
The total existing shares are owned by the Royal Commission for Jubail and Yanbu (RCJY), the Public Investment Fund (PIF), Saudi Aramco Power Company (SAPCO), and Saudi Basic Industries Corporation (SABIC).
Participating entities can apply for a minimum number of 100,000 shares, whereas the maximum number will be 12.49 million shares.
Marafiq expected the total offering size to reach between SAR 2.99 billion ($799 million) and SAR 3.36 billion ($897 million). This would imply a market capitalisation at listing between SAR 10.25 billion ($ 2.73 billion) and SAR 11.50 billion ($3.06 billion).
Meanwhile, the final IPO price will be determined after the bidding and book-building period, which will take place during 9-14 October 2022.
Last September, the Capital Market Authority (CMA) granted its approval for Marafiq’s IPO on Tadawul.
