Tanmiah IPO sees more than 1,170% oversubscription

600,000 Ordinary Shares have been allocated to individual subscribers

  
Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri

The coverage ratio for the offered shares by individual subscribers in the initial public offering (IPO) of Tanmiah Food Company reached 1170.48% and the total number of individual subscribers reached 69,598.

The potential investors injected SR470,532,290 to subscribe to 600,000 Ordinary Shares at a price of SR67 ($17.8) per share, said Saudi Fransi Capital, the Financial Advisor, Lead Manager, Bookrunner and Underwriter for the IPO.

In accordance with the IPO Prospectus, 600,000 Ordinary Shares have been allocated to individual subscribers, representing 10% of the total shares offered for public subscription, while 5,400,000 Ordinary Shares have been allocated to institutional subscribers, representing 90% of the total shares offered for subscription.

Saudi Fransi Capital noted that the receiving bank will work to complete the procedures for returning surplus subscriptions no later than August 4), and that the listing of the Company's shares on the Saudi Stock Exchange will take place after completing all relevant requirements and procedures. The listing date will be announced on the website of the Saudi Stock Exchange. – TradeArabia News Service

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