Maharah allots 10 shares per subscriber in IPO

Maharah Human Resources Co. on Thursday allotted a minimum of ten shares to each subscriber in its initial public offering (IPO), Samba Capital & Investment Management Co., the financial advisor, bookrunner, lead manager and sole underwriter, said in a statement.

The remaining shares will be allotted pro-rata based at an allotment ratio of 36 percent.

Share fractions were rounded up allotted pro rata, Samba Capital added.

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.

The retail offering was 230 percent oversubscribed, attracting 31,000 subscribers purchasing 2.59 million shares at total proceeds of SAR 178.79 million.