Group Five Pipe Saudi’s IPO fully subscribed: AFG

The IPO coverage reached 1,207.77% of the shares

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Riyadh – Mubasher: The initial public offering (IPO) of Group Five Pipe Saudi Company’s 2.8 million shares has been concluded and fully subscribed, Aldukheil Financial Group (AFG) announced on Monday.

The IPO coverage reached 1,207.77% of the shares offered during the subscription period between 14-18 November.

Group Five Pipe Saudi plans listing its shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul). Acting as the financial advisor for the IPO, AFG will finalise the required procedures with Tadawul and accordingly announce the listing date.

On 1 November, AFG announced the IPO price of Group Five Pipe Saudi Company at SAR 35 per share.

The financial advisor had previously said the offered shares represent 10% of the group’s total shares.

Source: Mubasher

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