United International Holding Co (UIHC), the subsidiary of Saudi-listed United Electronics Company (eXtra), will raise between 900 million Saudi riyals ($264 million), and SAR 990 million for its IPO on the Saudi Exchange (Tadawul).
The company has set a price range between SAR 120 and SAR 132 per share ($32-$35), with an estimated market capitalisation between SAR 3 billion and SAR 3.3 billion.
Last week, the company announced an offering of 7.5 million ordinary shares, representing 30% of UIHC’s share capital.
Zamil Group Investment Company, A.K. Al Muhaidib & Sons Company and The Company for Cooperative Insurance (Tawuniya) have been named cornerstone investors who have committed to subscribe to 390,625 shares each at the IPO price, collectively representing approximately 4.7% of the company’s share capital and 15.6% of the IPO.
The institutional book-building period will commence on 28 October and end on 4 November. The final price will be determined at the end of the book-building process.
Proceeds raised from the sale will accrue to Extra, the selling shareholder, according to a statement on Sunday. The company will not receive any portion of the offering proceeds.
United International Holding Co., also known as Tasheel Finance, provides non-banking financial services to eXtra’s clients.
Source: www.zawya.com