Meyar IPO 943% covered, offering price set at SAR 59/share

28/03/2023 Argaam
Logo ofMeyar Co.

Logo of Meyar Co.

Yaqeen Capital, the financial advisor and lead manager on the initial public offering (IPO) of Meyar Co. on Nomu-Parallel Market, announced the completion of subscription to the company’s shares, at an offering price of SAR 59 apiece.

 

The IPO was 943.46% covered, Yaqeen Capital stated in a statement to Tadawul, adding that it will finalize the required procedures with Saudi Tadawul Group Holding Co. (Tadawul Group), and then determine the date for the share listing on Nomu.  

 

Qualified investors started, on March 19, subscription to 265,400 shares, or 20% of Meyar's share capital, or 25% of the company’s capital before increase. The price range was set between SAR 53-59 a share. 

 

The Capital Market Authority (CMA) approved, on Dec. 5, 2022, the application submitted by the company to register and offer 265,400 shares on Nomu.

 

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