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Alsorayai plans to raise $64.8m in February IPO
Published in The Saudi Gazette on 31 - 01 - 2010

Alsorayai Trading and Industrial Group - a leading carpet and rugs manufacturer based in Jeddah - plans to raise SR243 million ($64.8 million) from an initial public offering that starts next week, the IPO's financial adviser said.
“We priced the shares at SR27 each,” a spokeswoman at Aldukheil Financial Group said on Saturday.
Alsorayai is offering 30 percent of its capital, or 9 million shares, over the Feb. 1-7, 2010 period.
Mohammed Abdulaziz Aldukheil, executive vice president at Aldukheil Financial Group (AFG), which is the financial adviser, lead manager and book runner, said the final IPO price had been included in the final prospectus published in the websites of the Capital Market Authority, Al Sorayai Trading and Industrial Group and Aldukheil Financial Group.
The IPO shares will be allocated to the public (maximum of 50 percent of the total shares offered) and mutual funds (portion of shares remaining after public subscription).
The 9 million shares had been available to mutual funds as part of the first stage, whereas the final stage of allocation will depend on the public demand and will be subject to the approval from the Capital Market Authority.
Aldukheil further said the IPO of Al Sorayai Trading and Industrial Group serves as an important development in the IPO market. The IPO applications can be submitted through the accredited companies by Capital Market Authority as mentioned in the prospectus.
The IPO had been covered by 109 percent in Book Order process.


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