BinDawood Holding delays IPO retail offer due to new disclosure
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BinDawood Holding announced today, Sept. 24, the delay in retail part of the initial public offering (IPO) as it requires disclosing a development in the supplementary prospectus.
“The supplementary prospectus will contain certain additional information regarding, among others, the institutional book-building and the retail offering period, which will no longer commence on September 27,” it said in a statement.
The company and the joint financial advisors expect to provide further update next week due to this week’s public holidays in the Kingdom.
On June 30, the Capital Market Authority (CMA) approved BinDawood’s request to sell 22.86 million shares, or 20% of its capital, in an IPO.
The retail offering of up to 10% of the offering size or 2.286 million shares, was slated to open from Sept. 27-29.