Logo of Alkhabeer Growth and Income Fund
Alkhabeer Growth and Income Traded Fund has completed the book-building process for institutional and individual investors for its initial public offering (IPO), in accordance with the allocation mechanism approved by the fund.
The institutional investors fully subscribed to the offered shares, as 595,000 units were allocated to them, fund manager Alkhabeer Capital said in a statement to Tadawul, today, April 14.
As many as 99.41 million units were allocated to retail subscribers, where at least 100 units were allocated to each individual investor as a first stage of the subscription. The remaining shares will be allotted pro-rata based at a ratio of 90.6699%.
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Details of IPO |
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Total number of units allocated |
100 mln |
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Number of units offered to institutional subscribers |
595,000 |
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Number of units offered to retail subscribers |
99.41 mln |
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Allocation |
100 units (minimum)/individual |
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Allocation of remaining units will be on a pro-rata basis |
90.6699% |
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Offer price |
SAR 10.23 |
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Refund to retail subscribers |
Not later than April 11 |
The subscription period for Alkhabeer Growth and Income Traded Fund’s IPO began on March 13, and was successfully completed on March 31, according to Argaam’s data. The fund's target capital is SAR 1 billion, with a minimum of SAR 300 million, as Alkhabeer eyes offering 100 million units at SAR 10 per unit.
The subscribers’ surplus subscription was refunded on April 11.
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Alkhabeer Growth and Income Fund Profile |
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Fund |
Alkhabeer Growth and Income Fund, a Shariah-compliant closed-ended traded fund, coming under the supervision and control of the Capital Market Authority (CMA) |
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Fund manager |
Alkhabeer Capital |
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Target fund size |
SAR 1 bln |
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Minimum starting fund |
SAR 300 mln |
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Total number of units |
100 mln |
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Offer price |
SAR 10 per unit |
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Minimum subscription |
SAR 1,000 |
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Fund duration |
99 years from the date of listing units on the Saudi Exchange (Tadawul), subject to renewal at the discretion of the fund manager after obtaining the CMA’s approval |
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Revenue distribution policy |
- Alkhabeer Capital aims to distribute 100% of the fund’s net investment returns, which include only the distribution of the listed units in which the fund invests into twice annually, as the fund distributes returns within 40 working days from the date of issuing the semi-annual and annual financial statements - Alkhabeer Capital reserves the right, based on what is deemed appropriate, to distribute up to 50% of the realized and unrealized net capital gains twice annually, providing that the fund distributes the realized and unrealized capital gains - if any - within 40 working days from the date of issuing the semi-annual and annual financial statements. The distributions, if any, will be announced within 10 working days from the date of releasing the fund’s financial reports. |
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