Ataa Educational sets IPO price at SAR 29

11/07/2019 Argaam

 

Ataa Educational Co. has set the issue price for its initial public offering (IPO) at SAR 29 per share, after completing the book building process of the institutional tranche on July 8, 2019.

 

The institutional offering was 202 percent oversubscribed, HSBC Saudi Arabia, the financial advisor and lead manager, said in a statement.

 

A total of 12 million shares, or 100 percent of the offering size, will be allotted to institutional investors. The final allotment will take place following close of the retail offering.

 

Meanwhile, a total of 1.2 million shares, or 10 percent of the offering size, will be offered to retail investors starting from Sunday, July 14 until July 18, the statement added.

 

The company had earlier obtained the approval of the Capital Market Authority (CMA) to offer 12 million shares, representing 30 percent of its share capital, Argaam reported.

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