Logo of Al-Dawaa Medical Services Co.
GIB Capital, the lead manager on the initial public offering (IPO) of Al-Dawaa Medical Services Co., announced the successful completion of retail subscription today, March 8, according to a bourse statement.
Each retail investor will receive a minimum of two shares, while the remaining shares will be allocated on a pro-rata basis, based on the demand size of every subscriber to total shares. The allocation factor is 0.5299%.
Fractional shares were collated and allocated in a descending manner at one share per order, the statement noted.
The company offered 25.5 million shares, representing 30% of its capital, of which 90% was allocated to participating parties and 10% to retail investors.
The subscription period for the retail tranche, comprising 2.55 million shares at a final offer price of SAR 73, commenced on Feb. 27 and ended on March 1.
|
Details of Retail Subscription |
|
|
Number of retail investors |
1.11 mln |
|
Number of shares offered for retail investors |
2.55 mln |
|
Offering price per share |
SAR 73 |
|
Coverage |
2,515% |
|
Total value |
SAR 4.68 bln |
|
Minimum allocation |
Two shares per investor |
|
Allocation of remaining retail shares on a pro rata basis |
0.5299% |
|
Surplus refund |
March 9, 2022 |
The company added that the surplus subscription will be refunded no later than March 9.
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