Maharah Human Resources retail offering 230% oversubscribed

19/05/2019 Argaam

 

Maharah Human Resource Co.’s initial public offering (IPO) was 230 percent oversubscribed for retail investors, according to Samba Capital, the financial advisor, bookrunner, lead manager and sole underwriter of the IPO.

 

A total of 31,000 subscribers purchased 2.59 million shares worth SAR 178.79 million (SAR 69 per share).

 

Maharah allocated 10.125 million shares, or 90 percent of the total offering size to institutional investors and funds, and 10 percent for retail investors (1.125 million shares).

 

The allotment and surplus refunds process will be completed on May 21, Samba Capital said.

 

Trading on the Saudi Stock Market (Tadawul) will start after completing all due requirements, and will be announced on the market’s website.

 

According to data compiled by Argaam, retail offering began on May 8 and ended May 14.

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