United International Holding Company (UIHC), has set the price range for its initial public offering (IPO) between SR120 – 132 per share ($32- $35). This translates to an offering size between SR900 million and SR990 million, implying an equity value between SR3 billion and SR3.3 billion.

The company also announced the commencement of the institutional book-building period for participating parties, a release said.

The institutional book-building period will commence on October 28, 2024 and end on 5:00PM KSA time on November 4, 2024. The final price of the offer shares will be determined at the end of the book-building process.

Offering proceeds

The offering proceeds after deducting IPO-related expenses will be distributed to United Electronics Co (eXtra), the selling shareholder in proportion to the number of offer shares to be sold by it in the offering. The company will not receive any portion of the offering proceeds.

On October 24, 2024, the selling shareholder and UIHC entered into a binding undertaking with each of Zamil Group Investment Company, AK Al Muhaidib & Sons Company and The Company for Cooperative Insurance (Tawuniya), through which each of the Cornerstone Investors have committed to subscribe for 390,625 shares at the IPO price (representing approximately 1.6% of the company’s share capital and 5.2% of the IPO); the Cornerstone Investors have collectively committed to subscribe to 1,171,875 shares at the IPO price (representing approximately 4.7% of the company’s share capital and 15.6% of the IPO).

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