Jun 01 2007 |
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IPOs of Four Insurance Firms Oversubscribed
JEDDAH - NCB , underwriter and lead manager of four IPOs that took place last May 19-28, announced that Al-Ahlia Cooperative Insurance Company was 797 percent oversubscribed and Saudi Arabian Cooperative Insurance Company (SAICO) was 1,007 percent oversubscribed, while Allied Cooperative Insurance Group (ACIG) and Al-Ahli Takaful was 808 percent and 1,118 percent oversubscribed, respectively.Hasan Al-Jabri, board member of Al-Ahli Capital and managing director of the investment banking group, confirmed that the number of subscribers at the end of the subscription period reached 569,000 subscribers in Al-Ahlia , with a total of SR319 million, while in SAICO , it reached 711,000 subscribers, with a total of SR403 million. ACIG got 592,000, with a total of SR323 million and Al Ahli Takaful generated 532,000 subscribers, with SR296 million.
He said the ability of NCB to be the lead manager and underwriter of four IPO's at the same time, is an evidence of the significant position of the bank in providing financial and advisory services.
Basil Al-Ghalayini, CEO of BMG Financial Group, financial advisor and lead arranger of Al-Ahlia , Saudi Arabian Cooperative Insurance Company and Allied Cooperative Insurance Group offerings, said "advising and arranging for three IPOs at the same time have proved our professional commitment and capability in handling multiple IPOs".
The large number of subscribers showed the strong appetite of the investing public in this important financial sector.
"This is the first time we witnessed seven initial public offerings offered in the Saudi market simultaneously, which is considered a positive and bold move by the Capital Market Authority," Al-Ghalayini added.
The total capital of the four companies amounted to SR400 million distributed over 40 million shares with a nominal value of SR10 per share.
The four insurance firms affirmed the special position held by the bank in providing financial and consultation services in the Kingdom.
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