Walaa rights issue 90.51% subscribed

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co. announced today, Dec. 15, the results of the rights issue trading and new shares subscription, as well as the details of the rump offering, as follows:

 

Offering Details

Number of Offered Shares

42.50 mln

Number of Subscribed Shares

38.47 mln

Value of Subscribed Shares

SAR 423.16 mln

Coverage Ratio (%)

90.51%

Number of Rump Shares

4.03 mln

Date of Rump Offering

Dec. 17-18, 2024

 

For More IPOs

 

Rump shares will be offered at the minimum offering price to a number of institutional investors, who will submit bids to purchase the shares, according to a Tadawul statement.

 

These shares will be allocated to institutional investors based on the highest to lowest bids, provided they are not less than the offering price. The shares will be allocated proportionately to institutional investors who submit the same bid.

 

If institutional investors do not subscribe to all the rump shares, they will be allocated to the underwriter, Albilad Investment, which will buy them at the offering price.

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