Amlak International for Real Estate Finance’s initial public offering (IPO) was 2,690%, 26.9x oversubscribed, according to NCB Capital, the financial advisor, bookrunner, underwriter and lead manager for the offering.
A total of 266,820 subscribers injected SAR 1.2 billion to buy shares at SAR 16 each.
The institutional offering was 498%, or 4.98x oversubscribed. Accordingly, the Kingdom’s first IPO since market turmoil by the end of March was 7.67x oversubscribed, NCB Capital added.
The retail subscription for the IPO ran from July 2 until July 5, Argaam reported.
The company floated 27.18 million shares, or 30% of its share capital, of which 90% were allocated for institutions, with the remaining 10%, or a maximum of 2.72 million shares, were offered to retail investors.
The company’s core activity is to provide real estate financing to companies and individuals. It operates in three branches in Riyadh, Jeddah and Khobar.
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