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Jun 14, 2020
, Bloomberg News
Amlak International for Real Estate Finance plans to sell shares in an IPO this month, in what will be the first Middle Eastern sale since the coronavirus prompted governments to shut down economies.
The Saudi non-bank real estate finance company will offer 27.2 million shares, representing 30 per cent of its capital, according to a statement. NCB Capital will manage the IPO process.
The sale would follow a February offering by hospital operator Dr Sulaiman Al Habib Medical Services Group Co., which raised 2.63 billion riyals (US$701 million). Saudi Arabia’s BinDawood Holding is pushing ahead with the IPO of its supermarket business, according to people with knowledge of the matter.
Amlak International had postponed an earlier announcement to sell shares, people familiar with the matter told Bloomberg News in March.
Amlak IPO Timetable
• Start of institutional book-building: June 22
• Close of institutional book-building: June 29
• Announcement of offer price: June 30
• Start of retail offer: July 2
• Close of retail offer: July 5
• Allocation of shares: July 12
• Refund to all subscribers, if any: July 15
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