The Saudi energy utility, part-owned by Aramco and PIF, is setting the price range for the IPO
DUBAI, Oct 9 (Reuters) – Saudi Arabia’s Jubail and Yanbu (Marafiq) energy and utilities company has set the price range for its potential IPO at 41-46 rials ($10.91-12.24) per share, it said HSBC on Sunday.
HSBC and Riyad Capital are financial advisors, joint global coordinators and bookrunners on the IPO, which began bookbuilding on Sunday for a free float of about 30% of the company, HSBC said in a IPO filing.
Marafiq, which is seeking a listing on Riyadh’s Tadawul Stock Exchange, will sell 29.24% of its issued share capital, just over 73 million shares, through the sale of shares held by investors holding 5% or more own.
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These “significant” shareholders are the Royal Commission for Jubail and Yanbu, the state-owned Public Investment Fund (PIF), oil giant Aramco’s subsidiary, Saudi Aramco Power Company (SAPCO) and Saudi Basic Industries Corporation, in which Aramco owns 70% each. holds the four owns 24.81% according to Refinitiv data.
The final share price will be determined after the bookbuilding process is completed on Friday. The subscription period for private investors runs from October 26th to 29th. The final share allocation will be announced on November 2nd.
Riyad Capital is also the lead booker on the IPO, and Al Rajhi Bank, Banque Saudi Fransi, Riyad Bank, Saudi British Bank and Saudi National Bank are receiving agents.
Marafiq was established in 2000 to provide integrated utility services in the Kingdom’s industrial cities of Jubail and Yanbu.
($1 = 3.7580 riyals)
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Reporting by Yousef Saba
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