The shares of Electric Industries Co, a provider of diversified electrical products and services in Saudi Arabia and the Middle East, was 160 percent oversubscribed by the end of the 4th day of its initial public offering as the company sold SAR 583.3 million worth of shares, Samba Capital Group, the financial manager of the IPO said.
The company is selling 30 percent stake, or 13.5 million shares at SAR 54 a share, in an IPO from Nov 11 to Nov 17, 2014, according to Argaam.
Retail Saudi investors will be allocated half of the shares, while the rest will be sold to institutional investors.
The company’s first quarter profit was SAR 55.5 million, or SAR 1.23 a share, compared with SAR 50.4 million in the same period last year.
EIC is the owner company of “The Saudi Transformers Co” or STC and “Wahah Electric Supply Company of Saudi Arabia” or WESCOSA.
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Electrical Industries Company’s IPO Status – retail investors |
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Funds raised (SAR million) |
Subscribers (Thousand) |
Coverage ratio (%) |
Day |
|
72.0 |
60.9 |
19.8% |
November 11, 2014 |
|
304.0 |
289.0 |
83.4% |
November 12, 2014 |
|
534.7 |
514.3 |
146.7% |
November 13, 2014 |
|
585.3 |
565.3 |
160.0% |
November 14, 2014 |
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