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Saudi perfume maker sets IPO price guidance

By Pramod Kumar
Al Majed for Oud has 650 products under 132 brands, with a daily production capacity of 50,000 products Al Majed for Oud Company/Instagram
Al Majed for Oud has 650 products under 132 brands, with a daily production capacity of 50,000 products

Al Majed for Oud Company, a Riyadh-based perfume and oud products manufacturer, has set the price range for its initial public offering (IPO) between SAR90 and SAR94 ($23.99-$25.05) per share.

The institutional book-building period started on Sunday and will end on August 29.

The company is floating 30 percent of its capital, or 7.5 million shares, on the Saudi stock exchange.

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The retail offering will be for one day on September 15, comprising 1.5 million shares, or 20 percent of the offer shares. The final allocation of the shares will take place on September 19.

The shares will start trading on the main market, also known as Tasi, upon completing the formalities.

BSF Capital has been named the offering’s financial advisor, lead manager, bookrunner and underwriter.

The receiving agents for the retail tranche are BSF Capital and Alrajhi Bank.

The company’s portfolio has 650 products under 132 brands, with a daily production capacity of 50,000 products as of December 31, 2023. It has 286 stores, of which 237 are in Saudi Arabia and 49 in the rest of the GCC region.

The fragrance market in the kingdom is projected to increase at a CAGR of 11 percent between 2023 and 2027, reaching SAR13.4 billion in 2027, according to a Euromonitor International market study.

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