TASI: Almasar Alshamil to debut on Dec. 2

The retail tranche of Almasar Alshamil’s IPO was nearly 1.21x covered.

Almasar Alshamil Education Co. will begin trading on the Main Market (TASI) on Dec. 2 under the symbol6019 and ISIN Code SA56DG9IU1H8.

The stock will trade in the first three days with daily and static price fluctuation limits of ±30% and ±10%, respectively. From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10%, while the static price limits will no longer apply.

In another statement, the Securities Depository Center Co. (Edaa) said the subscribed securities were added to the accounts of eligible shareholders today, Nov. 30.

According to data available with Argaam, the company offered 30.72 million shares, representing 30% of its SAR 1.02 billion capital, divided into 102.40 million shares, at a par value of SAR 10 each. It offered 30% of the offered shares to individuals, while 70% was allocated to institutional investors.

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 rump shares were allocated on a pro rata basis, based on the size of each investor’s request relative to the total unsubscribed shares, at an average allocation factor of 80.7%.