Saudi Arabia’s Derayah Financial revealed Olayan Saudi Investment Company as a cornerstone investor in its upcoming initial public offer (IPO) on Tadawul.
The digital investment platform said it has signed a binding investment undertaking agreement with Olayan Saudi to a subscription of 4.68 million offer shares at the final offering price.
It will account for roughly 1.88 per cent of the company’s post-IPO share capital.
Olayan Saudi is an investment arm of the kingdom’s Olayan Financing Company.
Earlier this week, Derayah announced a price range of $7.20 to $8 (SAR 27 to SAR 30) per share for the sale of 49,947,039 ordinary shares, representing 20 per cent of the company’s issued share capital.
The price range implies an offering size between SAR 1.35 billion and SAR 1.50 billion.
The institutional book-building period commenced on 2 February and ends on 9 February.
The final offering price will be determined at the end of the book-building process on February 13.
Retail subscription will open on 20 February, with the final allocation on 27 February.
HSBC Saudi Arabia has been appointed as sole financial advisor, bookrunner, global coordinator, lead manager and underwriter for the issue.
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