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Amlak International launches IPO

Amlak International launches IPO
Amlak plans to list 30% of its shares on the Saudi Stock Exchange (Tadawul)

Riyadh - Mubasher: Amlak International for Real Estate Finance has unveiled its plan to offer a total of 27.18 million ordinary shares through an Initial Public Offering (IPO) on the main market of the Saudi Stock Exchange (Tadawul).

The shares represent 30% of the company’s capital, while net proceeds will be paid to the selling shareholders on a pro-rata basis, according to a press release on Sunday.

On 25 December 2019, the Capital Market Authority (CMA) approved the company’s application for the said offering.

Moreover, NCB Capital Company was appointed as the Sole Financial Advisor, Sole Bookrunner, Sole Underwriter, and Lead Manager of the offer shares.

Commenting on the announcement, chairman of Amlak International, Abdullah Al Howaish, said, "Our listing on Tadawul marks a new chapter in the story of the company, and the board has every expectation that management and staff will fulfil the trust that the market places in us. We look forward to delivering on the strategic roadmap we have set out for the years ahead.”

Meanwhile, CEO of Amlak International, Abdullah Al Sudairy, added, “We are ready to capture a growing number of opportunities, in particular those provided by the positive market dynamics created by the Kingdom’s Vision 2030 reform programme."

"Demand for real estate financing is accelerating, and our substantial funding base and first-class technology platform put us in a position to increase momentum," Al Sudairy added.

Founded in 2007, Amlak International is a Saudi non-bank real estate finance company that provides Sharia-compliant real estate financing solutions to corporates, including high-net-worth-individuals (HNWIs) and individual clients.

The IPO timetable has been set as the following:

- Start of Institutional Book Building: 22 June
- Close of Institutional Book Building: 29 June
- Announcement of Offer Price: 30 June
- Start of Retail Offer: 2 July
- Close of Retail Offer: 5 July
- Allocation of Shares Announcement: 12 July
- Refunds to All Subscribers (if any): 15 July

The shares trading will begin after the completion of all the relevant legal requirements and procedures.