ADES retail IPO 983.8% covered, 10 share/subscriber

Logo of ADES International Holding

ADES Holding Co. stated that its retail IPO was successfully completed, according to its filing to Tadawul. 

A minimum of 10 shares were allocated per individual subscriber, and the remaining shares were distributed pro rata, an allocation factor of 6.4951%. 

The announcement came from SNB Capital, lead manager, financial advisor, bookrunner, global coordinator, and underwriter, as well as EFG Hermes Saudi Arabia, Goldman Sachs Saudi Arabia, and J.P. Morgan Saudi Arabia, as financial advisors, bookrunners, global coordinators, and underwriters on the potential IPO. 

The retail tranche was 983.8% covered, as the number of retail subscribers reached 1.31 million. The total proceeds reached SAR 4.5 billion, the statement added.

Refunds will be deposited in retail investors' accounts no later than Oct. 10. 

For More IPOs