Riyadh - Mubasher: The allocation of shares for retail subscribers of the Amlak International for Real Estate Finance’s initial public offering (IPO) has been completed, NCB Capital announced.
The listing and trading of Amlak International’s shares will start as of Monday, 13 July, under the ticker symbol (1182), the Saudi Stock Exchange (Tadawul) announced.
All receiving banks completed the settlement and auditing process on 5 July, in accordance with the closing date of the subscription process. The IPO registered a 2,690% retail coverage, representing 10% of the total shares offered, according to a press release on Sunday.
With a minimum of 10 shares allocated to each subscriber and each individual included in the subscription request, the remaining shares will be allocated on a pro rata basis at around 0.07%, depending on the size of each subscriber’s request against the total remaining shares subscribed to. Fractions of shares were also allocated on a pro rata basis, the statement read.
In line with the IPO Prospectus, 2.718 million shares, representing 10% of the offer shares, were allocated to retail subscribers, whilst a total of 24.462 million shares, representing 90% of the shares on offer were allocated to institutional investors, with the institutional offer having achieved a coverage ratio of 498%.
Moreover, the receiving agents will finalise the excess money refund procedures no later than 12 July.
NCB Capital is the financial advisor, lead manager, bookrunner and underwriter of Amlak International’s IPO.
