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Naqi retail subscription starts to 600,000 shares today, marks Tadawul’s 10th IPO in 2022
Logo of Naqi Water Co.
Retail investors start today, July 27, subscription to 600,000 shares of Naqi Water Co., or 10% of total shares offered, at SAR 69 each, set by the book-building process.
The Capital Market Authority (CMA) approved, on May 25, the application filed by Naqi to float 6 million shares, representing 30% of its capital, in an initial public offering (IPO).
The two-day offering will end tomorrow, July 28.
The institutional offering ended last week and was 30.3x covered.
This will be the 10th listing on the main market this year, after East Pipes Integrated Company for Industry on Jan. 24, Scientific & Medical Equipment House Co. on Jan. 31, Elm Co. on Feb. 3, Al-Dawaa Medical Services Co. on Feb. 27, Al Masane Al Kobra Mining Co. (AMAK) on March 9, Nahdi Medical Co. on March 13, Saudi Home Loans Co. (SHL) on March 27, Retal Urban Development Co. on June 5 and Alamar Foods Co. on July 20.
Last year witnessed nine listings, including Alkhorayef Water and Power Technologies Co., Theeb Rent a Car Co., Tanmiah Food Co, Arabian Internet and Communications Services Co. (solutions), ACWA Power, Arabian Contracting Services Co., Nayifat Finance Co., Saudi Tadawul Group and Almunajem Foods Co.
Company Profile:
Naqi was established as a closed joint-stock company in 2014 in Unayzah, Qassim. The company's capital currently stands at SAR 200 million.
Pursuant to its bylaws, the company’s business activities are manufacturing; transportation and storage; wholesale and retail trade; repair of motor vehicles and motorcycles; trade; as well as manufacturing, mining and recycling (production of beverages).
In accordance with the main and branch commercial registers, the company’s activities consist of the production and bottling of pure filtered water; wholesale of all kinds of bottled water; wholesale of soft drinks and juices; and retail sale of beverages in specialized stores.
The company has two key business segments, water wholesale and retail.
Naqi increased its capital several times since inception as follows:
|
Capital Hike Details |
|
|||||
|
Period |
Capital before increase |
Capital after increase |
Method |
Details |
||
|
June 2017 |
-- |
SAR 45.34 mln |
During the period, the sole proprietorship was transformed into a limited liability company, owned by Amin Al-Mallah and Yasser Al-Aqeel with a 50% ownership rate each. |
Divided into 45,340 in-kind shares (8,160 shares of which are real estate, and 37,200 shares consist of machinery, equipment, cars, desalination plants, devices and pre-operation expenses, laboratory devices, computers, fire extinguishers, air-conditioners, equally contributed by partners at a nominal value of SAR 1,000 per share. |
||
|
December 2019 |
SAR 45.34 mln |
SAR 85.34 mln |
Each shareholder increased his investment by SAR 15.7 million, along with adding a new shareholder, Alsad Modern Advanced Co., with an investment of SAR 8.5 million. The total increase of SAR 40 million was recorded in a separate equity account: amounts under capital increase account'. |
Divided into 85.34 shares with a nominal value of SAR 100 per share, through the issuance of 40,000 new monetary shares paid in full by the partners at 15,730 shares each, the remaining 8,534 shares were paid at a 10% ownership rate by a new partner, Alsad Modern Advanced Co. |
||
|
December 2020 |
SAR 85.34 mln |
SAR 150 mln |
This was done by combining the amounts under capital increase account of SAR 40 million, paid in cash by Alsad, and the transfer of SAR 64.5 million from the retained earnings account. |
Divided into 150,000 shares at a nominal value of SAR 1,000 each, though capitalization of SAR 57.3 million of the retained earnings account and SAR 7.4 million from the company's regulatory reserves. |
||
|
January 2021 |
SAR 150 mln |
SAR 170 mln |
The capital hike was financed from retained earnings and regulatory reserves |
Divided into 170,000 shares at a nominal value of SAR 100 each, though capitalization of SAR 12.2 million of the retained earnings account and SAR 7.8 million from the company's regulatory reserves. |
||
|
December 2021 |
SAR 170 mln |
SAR 200 mln |
The capital hike was financed from retained earnings and regulatory reserves |
Divided into 20 million shares at a nominal value of SAR 10 each, though capitalization of SAR 30 million of the retained earnings account |
||
Since its inception, the company has witnessed sustainable growth, as its total sales (at the manufacturer selling prices) reached nearly SAR 277.8 million in 2021, up from SAR 144.2 million in 2018. This represents the company’s 4.8% share of the Kingdom’s bottled water market in terms of sales volume in 2021.
The following table shows Naqi Water's sales and market share in terms of volume:
|
Naqi’s Sales, Market Share |
||
|
Period |
Total sales volume (mln liters) |
Market share (sales volume) |
|
2018 |
168.7 |
2.7 % |
|
2019 |
242.5 |
3.9 % |
|
2020 |
286.4 |
4.7 % |
|
2021 |
322.5 |
4.8 % |
Significant agreements:
The company entered into a number of agreements for purposes related to its business, and the following is a summary of the agreements that the company considers to be substantial:
|
Significant Agreements Details |
|||
|
Agreement |
Parties |
Term/renewal mechanism |
Value (SAR/mln) |
|
Agreements with major clients |
|||
|
Water bottles supply & distribution agreements |
Naqi as a seller and Sulaiman Al Ajmi Est. as a distributer |
One year from Jan. 1, 2021. Renewed automatically |
13.29 |
|
Naqi as a seller and Taif Al Raki Est. as a distributer |
One year from Jan. 1, 2021. Renewed automatically |
11.81 |
|
|
Naqi as a seller and Ali Abu Saeed Trading Est. as a distributer |
One year from Jan. 1, 2021. Renewed automatically |
11.53 |
|
|
Agreements with major suppliers |
|||
|
Supply deals |
Naqi as a buyer and Riyadh Carton Factory as a seller |
None |
10.73 |
|
Company Profile |
|
|
Company |
Naqi Water Co. |
|
Market |
Main market |
|
Core Activities |
Production and bottling of pure filtered water |
|
Capital |
SAR 200 mln |
|
Number of Shares |
20 mln |
|
IPO Highlights |
||
|
Offer Percentage |
30% |
|
|
IPO Price |
SAR 69/share |
|
|
Number Of Offer Shares for Retail Investors |
600,000 shares representing 10% of the total offered shares of 6 mln |
|
|
Qualified Subscribers |
- Retail investors |
|
|
IPO Minimum Limit for Retail Investors |
10 shares |
|
|
IPO Maximum Limit for Retail Investors |
250,000 shares |
|
|
Retail Subscription Period |
From July 27-28, 2022 |
|
|
Final Allocation |
Aug. 3, 2022 |
|
|
Surplus Refunds |
Aug. 4, 2022 |
|
|
Special Information |
||
|
Financial Advisor, Lead Manager, Underwriter and Bookrunner |
AlJazira Capital |
|
|
Receiving Banks |
Bank AlJazira - Al Rajhi Bank |
|
|
Company’s Major Shareholders |
||||
|
Shareholders |
Pre-IPO |
Post-IPO |
||
|
Number of Shares (mln shares) |
Ownership% |
Number of Shares (mln shares) |
Ownership% |
|
|
Amin Al Mallah |
10.00 |
50% |
7.00 |
35% |
|
Alsad Modern Advanced Co. |
10.00 |
50% |
7.00 |
35% |
|
Public |
-- |
-- |
6.00 |
30% |
|
Total |
20.00 |
100.00% |
20.00 |
100.00% |
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