Saudi Alkhorayef Water’s retail offering 1,511% oversubscribed

A total of 136,988 individual investors injected $217.65mln to purchase 750,000 shares

  
Saudi traders are seen as they monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrator purpose

Saudi traders are seen as they monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrator purpose

REUTERS/Ahmed Yosri

Riyadh – Alkhorayef Water & Power Technologies Company’s retail offering was 1,511.52% oversubscribed, according to Saudi Fransi Capital, the financial advisor, lead manager, underwriter, and bookrunner, and EFG Hermes KSA, bookrunner and underwriter.

A total of 136,988 individual investors pumped SAR 816.22 million to purchase 750,000 shares at SAR 72 per share.

Each retail subscriber included in the subscription request was given a minimum of five shares. The remaining shares were allocated on a pro rata basis, based on the size of each subscriber’s request compared to the total remaining subscribed shares.

The listing date on the Saudi Stock Exchange (Tadawul) will be disclosed later on.

On 16 February, Alkhorayef Water launched its two-day retail offering. A total of 750,000 ordinary shares or 10% of the capital were allotted to retail investors at SAR 72 a share.

At the same time, 7.5 million shares or 100% of the offering size were allocated to institutional investors during the institutional book-building process.

Source: Mubasher

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