Saudi Networkers Services IPO 223% oversubscribed, 10 shares allocated per subscriber

Logo of Saudi Networkers Services (SNS) 

Aldukheil Financial Group (AFG), the financial advisor on the initial public offering (IPO) of Saudi Networkers Services (SNS) on Nomu-Parallel Market, announced that the offering of 1.5 million ordinary shares, or 25% of the company’s capital was successfully concluded.

In a statement to Tadawul, AFG said the qualified investors subscribed to the total shares offered at SAR 71 each.

The IPO was 223% oversubscribed. Each individual subscriber received a minimum of 10 shares, while the remainder was allocated on a pro-rata basis.

The subscription surplus will be refunded no later than Aug. 4. AFG will finalize the required procedures with Tadawul and determine the date for listing SNS shares on Nomu.

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