ADES retail IPO 983.8% covered, 10 share/subscriber

Logo of ADES International Holding

ADES Holding Co. stated that its retail IPO was successfully completed, according to its filing to Tadawul. 

 

A minimum of 10 shares were allocated per individual subscriber, and the remaining shares were distributed pro rata, an allocation factor of 6.4951%. 

 

The announcement came from SNB Capital, lead manager, financial advisor, bookrunner, global coordinator, and underwriter, as well as EFG Hermes Saudi Arabia, Goldman Sachs Saudi Arabia, and J.P. Morgan Saudi Arabia, as financial advisors, bookrunners, global coordinators, and underwriters on the potential IPO. 

 

The retail tranche was 983.8% covered, as the number of retail subscribers reached 1.31 million. The total proceeds reached SAR 4.5 billion, the statement added.

 

IPO Highlights 

No. of retail subscribers 

1.31 mln 

No. of offer shares 

33.87 mln 

Offer price 

SAR 13.50/share 

Retail offering coverage ratio 

983.83% 

Total value of orders 

SAR 4.499 bln 

Allocation 

10 shares minimum per subscriber 

Allocation of remaining shares 

On a pro rata basis at 6.4951% 

 

Refunds will be deposited in retail investors' accounts no later than Oct. 10. 

 

According to data available with Argaam, the company floated 338.72 million shares, representing 30% of capital, of which 90% was allocated for participating categories and the remaining 10% for individuals. 

 

 

For More IPOs 

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