A look at largest initial public offerings in Tadawul

Investors in Saudi Arabia and across the world are keeping an eye out on Saudi Aramco’s announcement of its long-awaited initial public offering (IPO).

Regardless of its size, Saudi Aramco’s IPO will likely be the world’s largest offering, and is expected to exceed Alibaba's 2014 IPO worth $21.77 billion.

In Saudi Arabia, the state energy firm’s public offering is forecast to top National Commercial Bank’s (NCB) SAR 22.5 billion IPO in Oct. 2014.

The Saudi Stock Exchange (Tadawul) witnessed several large offerings (whether IPOs, rights issues or secondary offerings) led by NCB in 2014, Riyad Bank’s offering in 2008, Alinma Bank’s IPO in 2008 and Saudi Telecom Co.’s IPO in 2003 (STC).

Tadawul’s Top 20 Largest IPOs
Company	IPO type	IPO Size (SAR bln)	Year
NCB	Initial offering	22.50	2014
Riyad	Capital hike	13.10	2008
Alinma	Initial offering	10.50	2008
STC	Initial offering	10.20	2003
Maaden	Initial offering	9.25	2008
Saudi Kayan	Initial offering	6.75	2007
Zain Saudi	Initial offering	6.30	2008
Zain Saudi	Capital hike	6.00	2012
Petro Rabigh	Initial offering	4.60	2008
Riyad	Capital hike	3.80	1991
Dar Al Arkan	Initial offering	3.30	2007
Kingdom Holding	Initial offering	3.20	2007
Emaar EC	Initial offering	2.55	2006
Sipchem	Initial offering	2.48	2006
Petrochem	Initial offering	2.40	2009
SIIG	Capital hike	2.25	2008
Jabal Omar	Initial offering	2.00	2007
Mobily	Capital hike	2.00	2008
Sipchem	Capital hike	2.00	2008
Yansab	Initial offering	1.97	2005

Tadawul’s Top 10 IPOs in Terms of Number of Subscribers
Company	Year	Number of subscribers (mln)	IPO period
Aramco	2019	??	10 days
Emaar	2006	10.2	12 days
Yansab	2005	8.9	13 days
Alinma	2008	8.8	10 days
AlBilad	2005	8.7	17 days
Zain Saudi	2008	8.5	10 days
Maaden	2008	7.0	10 days
Sipchem	2006	6.7	10 days
Petro Rabigh	2008	5.4	8 days
Chemanol	2008	5.3	10 days
Jabal Omar	2011	5.0	10 days

Emaar The Economic City’s (Emaar EC) IPO in 2006 attracted the biggest number of subscribers reaching 10 million.

The world’s most profitable company’s IPO is estimated to receive an overwhelming turnout given the state oil giant’s well-established position.

The latest offerings on Tadawul cut the retailers’ share allocation to 10 percent, while 90 percent of shares are offered to institutions.

Tadawul’s Significant IPOs since 2007
Company	IPO date	IPO price	Number of IPO shares (mln share)	IPO Size (SAR mln)	Funds raised (SAR mln)	Coverage ratio (retail)
Aramco	Nov. 2019	??	??	??	??	??
NCB	Oct. 2014	45	500	22,500	310.7*	2301 %
Kayan	April 2007	10	675	6,750	37,900	560%
Alinma	April 2008	10	1050	10,500	18,270	174%
Zain Saudi	Feb. 2008	10	630	6,300	17,830	283%
Petro Rabigh	Jan. 2008	21	219	4,599	16,020	348%
Maaden	July 2008	20	462.5	9,250	10,096	139 %
Kingdom Holding	July 2007	10.25	315	3,229	8,500	264 %
Jabal Omar	June 2007	10	201.4	2,014	6,234	309%
Chemanol	Aug. 2008	12	60.3	723.6	4,130	601 %
Dar Al Arkan	Dec. 2007	56	59.5	3,329	2,090	209%
SGS	June 2015	50	56.40	2,820	3,800	339 %
Knowledge City	May 2010	10	102	1,020	1,690	165%
Al Tayyar	May 2012	57	24	1,368	1,645	241%

*SAR bln

In 2014, NCB raised up to SAR 311 billion, while Saudi Kayan Petrochemical Co. (Saudi Kayan) raised around SAR 37.9 billion in 2007.

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