Saudi's ‘solutions by stc’ sets minimum of 2 shares per individual investor in IPO
Around 1.04mln retail investors subscribed to 2.4 million shares at SR151 per share - an offering oversubscribed by 2,365%
Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020.
By Staff Writer, Arab News
DUBAI: ‘Solutions by stc’ has allocated a minimum of two shares per individual subscriber as it completes its initial public offering.
The ‘stc’ unit earlier announced its intention to float on the Saudi bourse, offering 24 million shares or 20 percent of its capital.
According to a filing on Monday, remaining shares will be allocated on a pro rata basis at around 0.5776 percent on average, based on the size of each subscriber’s request compared to the total remaining subscribed shares.
Around 1.04 million retail investors subscribed to 2.4 million shares at SR151 per share - an offering oversubscribed by 2,365 percent.
The institutional offering was 13,0004 percent oversubscribed, raising SR471 billion.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
Get Zawya's daily newsletter for insightful and exclusive Middle East perspectives on business and finance. SUBSCRIBE NOW