Latest news with #SportClubsCompany
Zawya
3 days ago
- Business
- Zawya
Saudi's Sport Clubs fit for debut: IFR
The retail tranche of Sport Clubs Company's SR257.4m (US$69m) IPO was nearly five times covered, marking the third Tadawul listing in a row in which retail demand was not sufficient to cover the whole deal. The Saudi fitness centre operator doubled the size of the retail offering to 20% of the IPO due to robust demand. Retail tranches have typically been 10% but lately this has increased to 20%, which has coincided with cooling in retail interest. Deals are still attracting robust demand compared to other countries but are short of the double-digit levels that had become the norm. IPOs for low-cost carrier Flynas and hospital group Specialized Medical Company both lacked enough demand to cover the whole deal and have traded poorly, down 3% and 13.3%, respectively, as of Monday. Retail demand for SCC totalled SR247.7m for 6.86m shares at SR7.50 each. There were 259,690 retail investors participating who were allocated 10 shares each, with the rest awarded pro rata. Institutional demand continues to be robust, with SCC earlier attracting demand of SR11.35bn/US$3bn, around 45 times' coverage of the 80% allocated to those investors. The 34.3m shares in the IPO represent a 30% free-float. A trading date is yet to be set. BSF Capital is running the IPO.
Zawya
21-03-2025
- Business
- Zawya
Saudi Arabia's Sport Clubs Co to list 30% on Tadawul bourse
Riyadh-based Sport Clubs Company has received approval from the Capital Market Authority (CMA) to float 30% of its share capital on the main Saudi stock exchange. The approval to sell 34.3 million shares is valid for six months and will be deemed cancelled if the offering and listing of the company's shares are not completed within this period. Sports Clubs, set up in 1994, operates 56 branches across 18 cities in the kingdom. Its portfolio includes 41 men's clubs under the Body Masters brand, which was launched decades ago, and 15 women's clubs under the Body Motions brand, which was launched four years ago. Riyadh's main exchange has already seen four IPOs completed this year: Almoosa, Nice One, Derayah Financial, and Arabian Company for Agricultural and Industrial Investment (Entaj). A 2025 outlook by Saudi brokerage Al Rajhi Capital estimates the kingdom could witness between 50 to 60 IPOs over the next two years, with seven already approved or closed, while 97 IPOs remain under review. (Writing by Brinda Darasha; editing by Seban Scaria)
