National Education allocates 10 shares per IPO subscriber

National Company for Learning and Education (NCLE) has allocated a minimum of ten shares per subscriber in its initial public offering (IPO), said Al Dukheil Financial, the IPO’s financial advisor and lead manager.

The remaining shares will be allotted pro-rata based on the number of shares bought by each subscriber. 

The refunds process will be completed today, Nov. 4, Al Dukheil Financial said, adding that the company’s shares will be listed after fulfilling the regulatory procedures.

The company allotted 11.7 million shares, or 90 percent of total shares floated to institutional subscribers, with the remaining 1.3 million shares, or 10 percent of total shares, allocated to retail investors.