The Saudi Arabian Mining Company (Maaden) said that its rights issue IPO’s coverage ratio reached 93.97% and 228.76m shares were subscribed to, raising an amount of SAR 5.26bn.
The details of the rights issue are as follows:
|
IPO details |
|
|
SAR 9250m |
Current capital |
|
925 million |
Current number of shares |
|
26.3% |
Percentage of the raise (%) |
|
SAR 11684.78m |
Capital after IPO |
|
243.48m shares |
Number of IPO shares |
|
SAR 23 |
IPO Price per share |
|
SAR 5.6 billion |
IPO Size |
|
Coverage details |
|
|
%26.04 |
First tranche - Coverage (%) |
|
m1458.0SAR |
First tranche – Fund raised |
|
%67.93 |
Second tranche – Coverage (%) |
|
m3804.0 SAR |
Second tranche – Fund raised |
|
%93.97 |
Total – Coverage ratio (%) |
|
m5262.0 SAR |
Total funds raised |
The Company said that the unsubscribed shares (Rump Shares) shall be offered to Institutional Investors who will be invited by the Lead Managers HSBC Saudi Arabia and GIB Capital after consultation with the Company, provided that those Institutional Investors submit offers for purchasing the Rump Shares.
Receipt of those shares shall start at 10:00 AM on Sunday 07/12/2014 and shall continue until 10:00 AM on the second day.
The Rump Shares shall be allocated to Institutional Investors with the highest offer, then to the next one (provided that it is not below the offer price).
The allocation of those shares to the Institutional Investors submitting the same offer shall be on a pro rata basis. Fractional shares shall be added to the Rump Shares and treated in the same manner.
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