Riyadh, 31 May 2016:Saudi Fransi Capital, the financial advisor, lead manager,bookrunner and sole underwriter for L’azurde Company for Jewelry (“L’azurde”) ispleased to announce that it has successfully completed the bookbuilding part ofthe institutional tranche. The offer price for the L’azurde IPO has been set at SAR37.0 per share.
The CEO of Saudi Fransi Capital, Mr. Waleed Khaled Al Fatani said “we are verypleased to note that the offer was 8.6x times covered at the upper end of theprice range i.e. SAR 37.0 per share. A total of 137 funds and other institutionalinvestors participated in the offering. The strong investor interest is a testamentto L’azurde’s strong competitive position in Saudi Arabian and Egyptian markets,its unique business model and experienced management”.
The Chairman of L’azurde and Co-CEO of Investcorp, Mohammed Al-Shroogi said“we are very proud of L’azurde’s achievements and we look forward to its nextstage of development as a publicly listed company. We would also like to extendour thanks to the CMA and Tadawul for their support in achieving this milestone”.
The Head of Corporate Investments MENA at Investcorp, James Tanner said “weare proud along with our partners, Eastgate Capital, The National Investor and theAl Othaim family to have brought to the public equity market the first majorityprivate equity owned company in Saudi Arabia.”
12.9 million shares of L’azurde are being offered to the public through this IPO,which represent 30.0% of L’azurde’s outstanding capital of 43.0 million shares.The IPO is split into two phases. During the first phase of the subscription process,12.9 million shares i.e. 100% of the offer shares are being offered to institutionalinvestors, out of which, 90.0% will be allocated to mutual funds.
In the second phase, 3.87 million shares i.e. 30% of the offer share will be offeredto the retail investors. The retail tranche will commence on Sunday 5 th June 2016and will end on Monday 13 th June 2016.
Please note that the final allocation will take place after completion of the retailtranche. Additional information is available in the prospectus, which is availableon the CMA, Saudi Fransi Capital, and L’azurde’s websites.”