L’azurde and Saudi Fransi Capital hold IPO signing ceremony with receiving banks

L’azurde Company for Jewelry (“L’azurde” or “the Company”) and Saudi Fransi Capital today held an official signing ceremony to formalize agreements with the receiving banks for its Initial Public Offering (IPO).  The ceremony was held at the offices of Saudi Fransi Capital, the lead manager, bookrunner and underwriter for the IPO.

The signing ceremony comes after the successful offering of 12.9 million shares to institutional investors, with demand exceeding expectations and the offer being oversubscribed by 8.6 times.

From Sunday 5th June to Monday 13th June, retail investors in Saudi Arabia will have the opportunity to subscribe to up to 30% of the offered shares at a price of SAR37 per share. 

Retail investors can apply for a minimum of 10 shares, and a maximum of 250,000 shares, through any of the nominated receiving banks (Selling Agents) including: The National Commercial Bank, Saudi Hollandi Bank, Banque Saudi Fransi, Samba Financial Group, and Riyad Bank. Investors who have subscribed to previous IPOs can also subscribe through the internet, telephone banking or ATMs of any of the Selling Agents.

Mohammed Al Shroogi, Chairman of L’azurde and Co-CEO of Investcorp, said:  L’azurde has performed exceptionally well over the last few years and we are delighted with the interest expressed by institutional investors in the Company’s offering. As the last phase of the IPO approaches with the retail offering on June 5, we are grateful for the collaboration and efforts of all involved in reaching this remarkable achievement.” 

Sélim Chidiac, CEO of L’azurde, said:  “The response from Institutional Investors to L’azurde’s proposition has been extremely encouraging and we hope to see a similar level of interest from retail investors in the Kingdom. We would like to extend our thanks to the CMA and Tadawul for their continued support during the IPO process and we look forward to continuing on our path to growth as a publicly listed company on the region’s largest and most prestigious stock exchange. ” 

Additional information is available in the prospectus, which is available on the CMA, Saudi Fransi Capital, and L’azurde’s websites.