Naqi’s retail offering 13.5x covered, 2 shares allocated per subscriber

Logo of  Naqi Water Co.

AlJazira Capital, the financial advisor, bookrunner, lead manager, and underwriter on the initial public offering (IPO) of Naqi Water Co., announced the successful completion of the retail offering. 

According to a bourse filing, a minimum of two shares were allocated per individual subscriber. The retail offering was 13.5x covered, with total orders worth SAR 560.1 million.

The remaining shares will be allocated pro-rata, with an allocation factor of 1.79571%. Fractional shares were collated and allocated in a descending manner at one share per order.

According to data compiled by Argaam, the company offered six million ordinary shares, representing 30% of its capital, on the Saudi Exchange (Tadawul). 

Naqi allocated 90% of the offer shares for participating categories, while the remaining 10% will be allocated for retail investors. 

The retail offering ran from July 27-28.  

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