RIYADH – 03 September 2024 – Al Majed for Oud Company (the “Company” or the “Issuer“), one of the leading manufacturers and developers of perfume and oud products in the Kingdom of Saudi Arabia (the “Kingdom“) and increasingly the Gulf Cooperation Council (the “GCC“) countries, today announces the successful completion of the book-building process for participating entities and the Final Offer Price (“Final Offer Price“) for the Company’s Initial Public Offering (“IPO” or the “Offering“).
The Final Offer Price for the Offering has been set at SAR 94 per share, after the successful completion of the institutional book-building phase with a coverage ratio amounting to 15646% of the total offer shares.
The retail subscription period will last for one day only, commencing on Sunday, 15 September 2024G.
Waleed Al Majed, Managing Director and CEO of Al Majed for Oud Company said: “We are delighted by the overwhelming demand for our IPO, which was 156.5 times oversubscribed. This strong investor interest highlights the market’s confidence in Al Majed for Oud’s rich heritage and strategic vision. Our commitment to innovation and a clear growth strategy positions us well to achieve our strategic objectives and enhance our market position. As we embark on this exciting new chapter, we remain focused on driving sustainable growth, while upholding the values that have earned us the trust and loyalty of our customers.”
