Logo of Al Mawarid Manpower Co.
Al Mawarid Manpower Co. closed its retail initial public offering (IPO), which was 1644.9% oversubscribed, on the Saudi Exchange (Tadawul) today, June 5, said AlJazira Capital, the financial advisor, lead manager, bookrunner and underwriter.
A minimum of one share was allocated per individual subscriber. The remaining shares will be allocated pro rata, with an allocation factor of 2.85%.
|
IPO Highlights |
|
|
No. of retail subscribers |
245,790 |
|
No. of offered shares |
450,000 |
|
Offering price |
SAR 64/share |
|
Retail offering coverage ratio |
1644.93% |
|
Total value of orders |
SAR 473.7 mln |
|
Allocation |
One share minimum per subscriber |
|
Allocation of remaining shares |
On a pro rata basis at 2.85% |
Fractional shares were collected and allocated at one share per application in descending order from the highest order. Retail investors started, on May 28, subscription to about 450,000 shares of Al Mawarid at SAR 64 each, as set by the book-building process. The retail offering ran three days until May 30, according to data available with Argaam.
Institutional offering ended last week and was 54 times covered.
Retail investors started, on May 28, to subscribe to about 450,000 shares of Al Mawarid Manpower at SAR 64 each, as set by the book-building process, according to data available with Argaam.
The subscription process ended on May 30.
The company’s institutional offering was 54x covered.
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