Almasar Alshamil: Retail IPO 1.2x covered; 10 shares allocated

Logo of Almasar Alshamil Education Co.

Almasar Alshamil Education Co.’s retail IPO subscription on the Main Market (TASI) has successfully ended, lead manager, financial advisor, and underwriter SNB Capital, along with EFG Hermes KSA (joint bookrunner), announced in a Tadawul statement today, Nov. 24.

From Nov. 18-20, nearly 95,700 retail investors subscribed to about SAR 218.2 million worth of Almasar Alshamil shares, at a final offer price of SAR 19.50 apiece, in an offering that was nearly 1.21x covered.

The retail tranche represented 30% of the total shares on offer. A minimum of 10 shares was allotted to each individual investor.

Rump shares will be allocated on a pro-rata basis, based on the size of each individual investor’s request versus total unsubscribed shares, at an average allocation factor of 80.7%.

Based on these outcomes, shares earmarked to participating parties will be scaled back to 21.5 million shares, making up 70% of the total offered shares, the company added.

According to Argaam data, starting Nov. 18, retail investors subscribed to 9.22 million shares of Almasar Alshamil’s TASI IPO, at SAR 19.50 each — determined through the book-building process.

The company’s institutional offering was roughly 102.9x covered.