Apr 24 2010 |
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Shaker set to offer shares
RIYADH: Jadwa Investment , the financial adviser, lead manager, book runner and sole underwriter for the initial public offering of Al-Hassan Ghazi Ibrahim Shaker Company , announced Friday that it has successfully concluded the book building phase for the IPO."With the successful close of the book building phase, a total of 5.25 million shares representing 50 percent of the offered shares will now be open for subscription to the retail investors from April 26 to May 2," an official statement said.
The retail investors will be able to subscribe for the IPO through the following receiving entities: Jadwa Investment , National Commercial Bank (NCB), Al-Rajhi Bank, Samba Financial Group, Riyad Bank, Bank AlJazira, Falcom, Al-Dukheil Financial Group, Shuaa Capital and EFG Hermes.
"Institutional demand for the IPO was very strong all week long and Jadwa closed the book on Wednesday with the institutional tranche oversubscribed by 2.71 times," the statement said. A total of 64 mutual funds and investment companies participated in the book building and the bids were well distributed amongst all participating institutions.
© Arab News 2010
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