Multi-Business Group IPO on Nomu 265% covered, priced at SAR 15/shr

Logo of Multi Business Group for Projects Co. (MBG)

The initial public offering (IPO) of Multi Business Group for Projects Co. (MBG) on the Nomu-Parallel Market was priced at SAR 15 per share, Amwal Capital, the financial advisor, said in a statement to Tadawul.

The offering was 265% oversubscribed.

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The surplus refund will take place no later than Nov. 25.

A minimum of 10 shares were allocated to each subscriber. Rump shares will be allocated on a pro rata based on demand size.

Qualified investors started, on Nov. 12, subscribing to three million shares offered by MBG. The price range was set between SAR 13 and 15 per share.

The shares on offer represent 25% of the company’s pre-IPO capital, divided into 12 million shares at a nominal value of SAR 1 each. These shares account for 20% of MBG’s post-IPO capital.