Perfect Presentation announces completion of offering period for individual investors and final allotment of shares

Perfect Presentation for Commercial Services Company (“2P” or “the Company”), a leading provider of ICT services in the Kingdom of Saudi Arabia (“the Kingdom” or “Saudi Arabia” or “Saudi”), along with Saudi Fransi Capital, the Financial Advisor, Lead Manager, Bookrunner, and Underwriter, of the IPO, today announces the successful completion of the allotment of Offer Shares in relation to its public offering of shares (the “IPO” or the “Offering”).

Following the completion of the institutional book-building process, the individual investors offering took place on 1 November 2022. The retail offering generated demand from 70,647 Saudi Arabian nationals, foreign residents in the Kingdom and GCC nationals (“Individual Investors”) for SAR 311.9 MN at the IPO price of SAR 185 per share (the “Final Offer Price”), indicating an Individual Investors’ tranche coverage of 3.75x.

The number of Offer Shares that were allocated to the Individual Investors’ tranche was 450,000 Offer Shares, representing 10% of the total offering. 2P allocated a minimum of 6 Offer Shares to each Individual Investor, with the remaining Offer Shares allocated on a pro-rata basis based on demand size to the remaining demand with an allocated factor of 2.0690%.

The subscription period for Individual Investors followed the completion of the institutional investors’ bookbuilding process, which was over-subscribed by 61.4x of the total Offer Shares, representing a demand of SAR 51.1 BN.

Offer Details

The Final Offer Price for the Offering has been set at SAR 185 per share, implying a market capitalization at listing of SAR 2,775 MN (US$ 740 MN).

The total size of the Offering is SAR 832.5 MN (US$ 222 million)

The IPO comprises an offer of 4,500,000 ordinary shares (“Offer Shares”), representing 30% of the Company’s issued share capital of 15,000,000 shares by way of a sale of existing shares by the current shareholders.

Immediately following admission, the Company is expected to have a free float of 30% of its issued share capital.