PHOTO
Saudi Arabia’s vehicle leasing firm Cherry Trading Company has shared its offer price ahead of its Tadawul IPO at 28 riyals per share ($7.47), at top of the range, with a coverage of 85.6x.
The price was announced following the completion of the bookbuilding process for the institutional tranche. At the second stage, 20% of the total shares offered for subscription will be allocated to individual subscribers as a maximum.
The retail tranche runs from November 12 until November 13.
The company plans to offer nine million shares, representing 30% of its SAR 300 million share capital.
Saudi Fransi Capital is the lead manager of the IPO, while also the joint financial advisor, co-underwriter and joint bookrunner along with EFG Hermes KSA.
(Writing by Bindu Rai, editing by Seban Scaria)
