ABDULLAH Saad Abo Moati for Stationery Co. is ready to be a public company after finishing the IPO last week. Falcom for Financial Services, the Financial Advisor and the Offering Manager for Abo Moati Co., has announced the end of IPO period with a big success, with 290% of subscription coverage by eligible investors. About SR139 million was paid for 3.2 illion stocks for SR15 per share — the maximum price for offering by eligible investors, which includes individuals, companies, investment funds, and private portfolios.
The Capital Market Authority has approved on Jan. 11, 2017 to offer 20% of Abo Moati Co. capital and the IPO will be allocated in the company and all listed companies in the Parallel Market to the eligible investors.
Maaz Al-Khasawneh, general manager of Falcom Financial Services, said the results of the IPO became apparent after receiving the application, the completion of the settlement process, and the audit is complete. He lauded the support of the Capital Market Authority and Tadawul. It is said that the Parallel Market will be launched today (Feb. 26, 2017).
The chairman of the company Dr. Saad Abo Moati said the company›s capital is SR160 million where 3.2 million shares were offered in IPO. This amount represents 20% of the company’s capital. In addition, Dr. Saad said the company operates in stationaries, school and office supplies, education supplies, art material, gifts and wrapping, paper supplies, printers, and inks in wholesale and retail.
Moreover, Dr. Saad, praised the effort made by Falcom for the success of the IPO.
The company believes that the IPO would increase the growth of the company to move to the next level. He added that the stability of the economic, security and the evolution of technology are some of the factors for the sustained economic growth of Saudi Arabia. The size of the stationery and office supplies sector exceeds SR10 billion yearly. — SG
