Al Majid Perfumes sets IPO price range, launches book-building process

(MENAFN) Al Majed Perfumes Company has announced the price range for its upcoming initial public offering (IPO) in Saudi Arabia, setting it between 90 and 94 riyals per share. This announcement marks the commencement of the book-building process for the offering, which involves the sale of 7.5 million shares, representing 30 percent of the company’s capital. The shares being offered will come from current shareholders, and the company aims to raise between 675 million riyals and 705 million riyals (approximately USD187.5 million) through this public offering.

The final offering price will be determined upon the completion of the book-building process, after which the individual subscription phase will begin. In this phase, 1.5 million shares, constituting 20 percent of the total shares offered to the public, will be available to individual investors. The institutional tranche of the book-building process is set to run until next Thursday. Established in 1956, Al Majed Perfumes has grown significantly, operating 237 stores within Saudi Arabia and an additional 49 stores across the Gulf region by the end of last year. The company reported profits of 767 million riyals (approximately USD204.4 million) last year, with a profit margin of 66.6 percent. 

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