Riyadh, KSA: April XX, 2016: L’azurde Company for Jewelry (“L’azurde” or “the Company”), a global leader in the design, production and distribution of jewelry, today announced its intention for a primary listing on the Saudi Stock Exchange (Tadawul). Following approval from the Capital Market Authority (CMA) and the approval for the Shareholders, L’azurde will offer XX,XXX,XXX shares representing XX% of the Company’s share capital through an Initial Public Offering (IPO).
A proportion of the Company’s offered shares will be allocated to Institutional Investors. Once the bookbuilding process is complete, a tranche of shares will also be offered to Individual Investors during the period from XX/XX/XXXX to XX/XX/XXXX.
Commenting on the Company’s IPO, Mohammed Al Shroogi, Chairman of the Board of Directors said: “This is a transformative moment in the development of L’azurde as an international jewellery house. In just over six years since Investcorp made its investment in L’azurde, the business has undergone significant growth and it is now in the strongest position it has ever been in”.
Commenting on the Company’s IPO, Selim Chidiac, CEO of L’azurde, said: “Today’s approval to list on Tadawul, in our home market, is a landmark moment for L’azurde as we continue to build upon our status as the MENA region’s largest and most recognizable jewelry company. Since its foundation, L’azurde has aimed to be a leading, trusted and aspirational jewelry brand for women across the Middle East and beyond. Our state of the art manufacturing capabilities and talented design team allow us to create incomparable, elegant and innovative jewelry masterpieces, and this flotation will provide a strategic platform to expand our objectives for long-term growth. We are grateful for the support of the CMA and the Saudi Stock Exchange, and we will continue to collaborate with them throughout the IPO process.”
The Company’s prospectus will be published within sufficient time prior to the start of the subscription period. The prospectus will include the relevant information that the investor needs to know before making an investment decision, including the share price, Company’s financial statements, activities and management.
Since it was founded in 1980, L’azurde has excelled at the art of jewelry design. Today, it is the largest gold and jewelry designer, manufacturer, and distributor in the MENA region, and the fourth largest gold manufacturer in the world, selling over one million pieces of jewelry ever year.
L’azurde has over 2,500 employees and produces more than 5,000 different jewelry models every year in 21-karat and 18-karat gold and diamond jewelry. The pieces are manufactured at the company’s factories in Saudi Arabia and Egypt, using advanced high-technology equipment, and distributed to more than 2,000 retailers across the GCC and MENA region as well as exported to more than 15 countries outside the region. L’azurde has also its own network of Mono Brand retail shops at top Malls in KSA, Egypt and the UAE where it focused on the sale of Diamonds Jewelry.
L’azurde’s fusion of traditional craftsmanship, top design and the use of precision technologies has been a key driver to its international expansion and evolution, and the Company has won many awards for its intricate designs over the years.