Tamkeen IPO 14.4x covered, 4 shares allocated

In an emailed statement to Argaam, Tamkeen said the retail offer ran from Nov. 5-6.

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Retail investors placed 389,012 buy orders valued at SAR 1.14 billion. The offer shares were 14.43x subscribed by retail investors, to whom 1.59 million shares, or 20% of the total offering shares, were allocated.

Tamkeen allocated a minimum of four shares per individual subscriber.

Rump shares will be distributed on a pro-rata basis, based on demand size, at an average allocation factor of 0.159%, the company added.

As much as 30% of the company’s share capital will be available for free float on TASI post-offering.

Tamkeen shares will make its TASI debut once the necessary paperwork is completed with the Capital Market Authority (CMA) and the Saudi Exchange (Tadawul).

The company offered 7.95 million shares, representing 30% of its SAR 265 million capital, to the public. The capital is divided into 26.5 million shares at a nominal value of SAR 10 per share.