L’Azurde IPO 79.56% subscribed by third day

L’Azurde’s initial public offering (IPO) was 79.56 percent subscribed by the end of its third day on Tuesday, according to Saudi Fransi Capital, the financial advisor and lead manager for the offering.

A total of 141,300 retail investors subscribed to shares worth SAR 113.9 million over the three-day period.

The subscription period for the retail tranche began on June 5 and will continue until June 13. A total of 3.87 million shares, or 30 percent of total shares allocated, will be offered to investors.

Last week, the first tranche offered to institutions and investment funds was 860 percent oversubscribed.

On May 9, the Capital Market Authority (CMA) approved the jewelry manufacturer’s request to float a total of 12.9 million shares, or 30 percent of the company’s outstanding capital, of which 70 percent was allocated to institutional investors, Argaam earlier reported.

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