Logo of Modern Mills Co. (MMC)
The retail offering of Modern Mills Co. (MMC) was successfully completed, said HSBC Saudi Arabia, sole financial advisor, global coordinator, joint book-runner, underwriter, and lead manager on the company's initial public offering (IPO).
A minimum of two shares were allocated to each subscriber, according to a filing to Tadawul today, March 11.
Rump shares will be allocated on a pro-rata basis based on the demand size, with an average allocation factor of 1.0076%.
The offering was 21.9x covered and the number of subscribers reached 966,710, the statement said, adding that the offering proceeds reached nearly SAR 2.6 billion, as shown below:
|
Offer Details |
|
|
Number of Shares Offered |
24.55 mln |
|
Number of Shares Allocated to Retail Investors |
2.45 mln |
|
Number of Retail Subscribers |
966,710 |
|
Offer Price |
SAR 48/share |
|
Coverage Ratio |
21.9x |
|
Subscription Allocation |
2 shares/individual investor minimum |
|
Allocation of Rump Shares |
On a pro-rata basis at 1.0076% |
|
Total Proceeds |
SAR 2.58 bln |
Fractional shares were allocated in a descending manner at one share per application order.
According to data available with Argaam, the company floated 24.55 million shares, or 30% of capital. It allocated 90% to participating parties, while the remaining 10% was allotted to individuals.
The retail offering ran on March 5-6.
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