Subscription to Thob Al-Aseel IPO ends today

Subscription to Thob Al-Aseel Co. initial public offering (IPO) on the Nomu Parallel Market will close today.

The company offered 20 percent, or 3.0 million shares, in the IPO that started on May 7.

The final allocation of shares and all refunds will be completed by May 24, the company said.

Meanwhile, Thob Al-Aseel reported a net profit of SAR 74.45 million for the period between Jan. 1-Sept. 4, 2016.

Earlier this year, the clothing manufacturer merged with Al-Jedaie Group.  Financial impact will appear on the first earnings statements issued by the company, chairman Faisal Al-Jedaie said.

Thob Al-Aseel, which was set up 30 years ago, was converted into a closed shareholding company in Sept. 2016. It manufactures ready-made, wholesale and retail garments.