SAMBA Capital, the lead manager, underwriter and arranger of Electric Industries Company’s IPO, announced the completion of retail investors’ tranche IPO with the allotment of 3 shares per investor increased with the increase of requests.
The Saudi Capital Market Authority approved a request by Electric Industries Co. to sell 13.5m shares or 30% of the company in an initial public offering from November 11 to 17. 50% of the shares were allocated to institutions and 50% to authorized persons.
According to Argaam; 1.74m investors subscribed to the IPO raising an amount of SAR 1.9bn with a coverage ratio of 522.7%.
|
Allotment details |
|
|
Number of shares |
Number of Subscribers |
|
3 |
1 |
|
7 |
2 |
|
11 |
3 |
|
15 |
4 |
|
19 |
5 |
|
23 |
6 |
|
28 |
7 |
|
32 |
8 |
|
36 |
9 |
|
40 |
10 |
|
44 |
11 |
|
48 |
12 |
|
52 |
13 |
|
56 |
14 |
|
60 |
15 |
|
65 |
16 |
|
68 |
17 |
|
72 |
18 |
|
76 |
19 |
|
80 |
20 |
|
84 |
21 |
|
88 |
22 |
|
92 |
23 |
|
96 |
24 |
|
99 |
25 |
|
103 |
26 |
|
107 |
27 |
|
111 |
28 |
|
116 |
29 |
|
120 |
30 |
|
124 |
31 |
|
128 |
32 |
|
131 |
33 |
|
136 |
34 |
|
140 |
35 |
|
145 |
36 |
|
149 |
37 |
|
153 |
38 |
|
161 |
40 |
|
165 |
41 |
|
168 |
42 |
SAMBA Capital added that the surplus is to be refunded today; Monday November 24, 2014 as mentioned in the IPO prospectus.
According to the IPO prospectus; 6.75m shares or 50% of the IPO shares were allocated to retail investors and 6.075m shares or 45% of the IPO shares were allocated to public investment funds while the remaining 5% was allocated to all other institutions.
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