Leejam Sports Company’s IPO 245% Oversubscribed for Retail Offering

12/08/2018 Argaam

 

Leejam Sports Company’s initial public offering (IPO) was 245 percent oversubscribed, according to Samba Capital, the financial advisor, bookrunner, lead manager and sole underwriter of the IPO.

 

A total of 40,413 subscribers purchased 3.9 million shares worth SAR 200.6 million.

 

The allotment and surplus refunds process will be completed on Aug. 14, Samba Capital said.

 

“The IPO received strong turnout, backed by citizen and investor confidence in the company’s value and strong growth potentials going forward,” it added.

 

Retail subscription for the IPO ran from Aug. 1 until Aug. 7, Argaam reported.

 

A total of 90 percent of the IPO shares were offered to institutional investors, covered by 8.3 times, while 1.57 million shares, or 10 percent, were offered to retail investors at a share price of SAR 52, set by the book-building process.

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