Sunday 16 June 2024

Beyout sets new price range; eyes over $2.5bn in IPO

RIYADH, 21 days ago

Beyout Investment Group (Beyout), a regional pioneer in providing comprehensive human resources and project lifecycle support complemented by real estate services, has set the final offer price for its IPO at 500 fils per share, which is at the top of the price range. 
This comes following completion of the bookbuilding process, culminating in an oversubscription for its private secondary offering, thus raising over KD767 million ($2.5 billion).
A total of 90,000,000 ordinary shares, representing 30% of BIG Holding’s issued share capital, were offered, which will generate approximately KD45 million  of gross proceeds for the selling shareholders, upon settlement, said Beyout in its statement. 
The offering saw strong investor demand and oversubscription of over 17x. The total cumulative demand for BIG Holding shares amounted to KD767 million. 
According to Beyout, the final offer price of 500 fils per share would grant the company a market capitalisation at listing of KD150 million ($488 million). The subscription period closes on June 2.
On the final pricing, CEO Abdulrahman Al Khannah said: "We are very pleased by these results which truly speak for themselves. It is fantastic to see these significant demand levels which are reflective of the investor confidence in our value proposition and excellent track record of delivering on behalf of our clients."
BIG Holding shares are expected to commence trading on Boursa Kuwait next month under the symbol 'Beyout.'
National Investments Company and EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC) are the joint global co-ordinators and joint bookrunners. National Investments Company is the investment and listing advisor.-TradeArabia News Service


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