Middle East Paper Co. (Mepco), one of the largest makers of paperboard in the Middle East, has allocated four shares for each investor in its initial public offering, according to Riyad Capital, which is acting as the underwriter and financial advisor for the company's IPO.
As many as nine shares were offered to two investor subscription requests, and 194 shares to 42 investor requests.
Mepco sold six million shares to retail investors in the IPO which was held between April 8 and April 14. The event was 473 percent oversubscribed, generating SAR 851 million.
Around 30 percent of the company's shares were sold, accounting for 15 million shares in total. About 60 percent of the shares were allocated to institutional investors and funds.
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