Saudi’s non-bank, real estate finance company Amlak International for Real Estate Finance (Amlak) announced its intent to proceed with an initial public offering (IPO) on Tadawul’s main market.
The offering will comprise of 27,180,000 ordinary shares, representing 30 per cent of the company’s share capital, while the net proceeds of the offering will be paid to the selling shareholders on a pro-rata basis.
The company has appointed NCB Capital Company as its sole financial advisor and bookrunner as well as its sole underwriter and lead manager in relation to the offer shares.
Amlak was licenced by the Saudi Arabian Monetary Authority (SAMA) in 2013 to provide Sharia-compliant real estate financing solutions to corporates and individual clients.
Abdullah Al Howaish, chairman of Amlak International, said: “The announcement of our intention to list on Tadawul is a historic moment for the company, with the forthcoming IPO a testament to our commitment to future growth. Amlak International plays a leading role in Saudi Arabia’s burgeoning non-bank real estate financing industry, and has positioned itself to take full advantage of the opportunities that today’s market presents.”
“We are ready to capture a growing number of opportunities, in particular those provided by the positive market dynamics created by the Kingdom’s Vision 2030 reform programme. Among our most important competitive advantages is our diverse lending portfolio, which covers the full corporate and individuals spectrum,” added Abdullah Al Sudairy, chief executive officer at Amlak International.
“This will enable Amlak to build on its strong position in the corporate real estate financing segment, while supporting Saudi nationals in their ambitions to buy and build homes. Demand for real estate financing is accelerating, and our substantial funding base and first-class technology platform put us in a position to increase momentum.”
In December 2019, Saudi Arabia recorded the world’s biggest IPO, when Saudi Aramco sold 1.5 per cent of the company’s capital.