Samba signs agreements with receiving banks for Leejam's IPO

Samba Capital & Investment Management Company (Samba Capital) has signed agreements with seven receiving banks for Leejam Sports Company's initial public offering (IPO), which begins tomorrow.

Samba Capital is acting as the financial advisor, bookrunner, lead manager and sole underwriter for the IPO.

The retail offering, comprising 1.57 million shares at a price of SAR 52 per share, will run until Aug.7.

Retail investors can apply for a minimum of 10 shares, and a maximum of 250,000 shares through any of the appointed receiving banks that include Samba Financial Group, Al-Rajhi Bank, National Commercial Bank, Riyad Bank, Banque Saudi Fransi, Saudi British Bank, and Arab National Bank.   

Last week, Leejam's floatation of 15.7 million shares - 30 percent of its share capital - for institutional investors was oversubscribed 8.3 times.

Leejam, the largest fitness center operator in Saudi Arabia and the MENA region, owns and operates fitness centers under the “Fitness Time” brand. As of Dec.31, 2017, it operated 112 fitness centers, with 108 fitness centers across 23 cities in the Kingdom and four fitness centers in the UAE.