Al Arabia institutional IPO 126.6x oversubscribed, final offer price set at SAR 100

Logo of Arabian Contracting Services Co. (Al Arabia)

GIB Capital, the financial advisor, lead manager, bookrunner, and underwriter for the offering of 30% of the shares of Arabian Contracting Services Company, announced the successful completion of the book building process for institutions and mutual funds subscribing to the company’s shares, and that the coverage size has reached 126.6 times for total shares.

GIB Capital added that the amount size of the participating parties’ coverage for the shares offered for subscription was SAR 189.9 billion, or 15 million shares, representing 100% of total offering shares, were allocated to them as a first stage.

GIB Capital confirmed that it has completed with the receiving agents all the preparations required for the individuals’ subscription, which will commence on Oct. 26 and will end on Oct. 28.

It clarified that with the closing of the book building process, as a second stage, a maximum of 1.5 million shares, representing 10% of total offering shares, will be allocated to retail subscribers. Subject to the approval of the Capital Market Authority (CMA), the bookrunner has the right to reduce the number of shares allocated to participating parties to 13.5 million shares, representing 90% of total offer shares.

For more information and review of the prospectus, please visit the websites of the Saudi Exchange at (www.saudiexchange.sa), Capital Market Authority (www.cma.org.sa), Arabian Contracting Services Company, at www.al-arabia.com, and at GIB Capital at www.gibcapital.com. 

For More IPOs