Alsaif Gallery institutional offering 1,550% covered, IPO price at SAR 115/share

Al-Saif Stores for Development & Investment Co. (Alsaif Gallery) announced the completion of the book-building process for the institutional tranche with a coverage ratio of 1,550%, and set the final offering price at SAR 115 per share, Saudi Fransi Capital, the financial advisor, lead manager, bookrunner, and underwriter, of the company’s initial public offering (IPO) said in a statement to Tadawul.

The participating entities subscribed to the offered shares in full, as 10.5 million ordinary shares were allocated in the first phase.

Upon the successful completion of the book-building process, 1.05 million ordinary shares, or 10% of the total offered shares maximum, will be allocated to individual subscribers.

Saudi Fransi Capital completed, with the receiving banks, Banque Saudi Fransi and Saudi National Bank (SNB), all necessary measures to receive subscriptions from individual investors for a period of two days (Dec. 5-6).