Saudi Arabia-based Amlak International for Real Estate Finance's allocation of shares for individual (retail) subscribers and trading will begin tomorrow (July 13), said NCB Capital, the financial advisor, lead manager, bookrunner and underwriter of its IPO.
After closing the subscription period for the retail tranche, all receiving banks completed the settlement and auditing process on July 5, in accordance with the closing date of the subscription process, stated NCB.
The coverage ratio for the retail offer was 26.9 times of the total shares offered to individual subscribers, which amounted to 2,718,000 shares, representing 10% of the total shares offered.
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. In line with Amlak International’s IPO Prospectus, 2,718,000 shares, representing 10% of the offer shares, were allocated to retail subscribers.
A total of 24,462,000 shares, representing 90% of the shares on offer were allocated to institutional investors, with the institutional offer having achieved a coverage ratio of 4.98x.
NCB Capital confirmed that the receiving agents will finalize the excess money refund procedures no later than Sunday corresponding to 12 July 2020G.
Saudi Stock Exchange (Tadawul) has announced that the listing and trading of Amlak International’s IPO shares will start as of tomorrow (July 13).-TradeArabia News Service
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