AI Summary
Logo of Dar Al Majed Real Estate Co. (Al Majdiah)
BSF Capital acted as financial advisor, lead manager, underwriter and bookrunner on the initial public offering (IPO).
As many as 307,019 retail investors subscribed to the offering at a final price of SAR 14 per share. Total orders reached nearly SAR 701 million. The IPO was 278% covered.
A minimum of 10 shares was allocated to each investor in the retail tranche.
Rump shares will be allocated on a pro rata basis, based on the size of each investor’s request proportional to total rump shares, at an average allocation factor of 31.8%, the statement added.
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Subscription details |
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Number of shares offered to retail investors |
18 million |
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Offering price |
SAR 14 per share |
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Retail coverage |
278% |
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Total value of retail applications |
SAR 701 million |
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Minimum allocation per retail investor |
10 shares |
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Allocation of rump shares (pro rata) |
Based on each investor’s subscription size proportional to total rump shares, at an average allocation factor of 31.8% |
Retail investors subscribed to 18 million shares of Al Majdiah from Aug. 14-18, at SAR 14 per share, determined through the book-building process, Argaam’s data showed.
The company offered 90 million shares for public subscription, representing 30% of the company's capital of SAR 300 million divided into 300 million shares at a SAR 1 par value each.
As much as 80% of the IPO shares were allocated to the institutional tranche while 20% were allocated to the retail investors. The institutional offering was nearly 107x covered.
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