CGS shares subscribed by retail investors 'fully allocated'

Logo of Consolidated Grunenfelder Saady Holding Co. (CGS)

Consolidated Grunenfelder Saady Holding Co.’s (CGS) retail IPO subscription on the Main Market (TASI) has successfully closed, the lead manager, financial advisor, underwriter, and joint bookrunner AlJazira Capital announced.

In a statement on Tadawul today, Dec. 1, the company stated that during the subscription period, retail investors covered 70.9% of the allocated 6 million shares, representing 20% of the total offered shares.

The company added that all shares subscribed by retail investors have been fully allotted, with no resulting surplus.

According to Argaam data, CGS offered 30 million shares for public subscription, accounting for 30% of its share capital; of these, 20% were allocated to the retail tranche, while 80% were for institutional investors.

The institutional tranche was approximately 61.6x covered.

A total of 30 million offering shares were originally allotted to participating institutional parties, representing 100% of the size of the offer, with final allocation planned to follow the completion of the retail subscription period.

Since the retail tranche was not fully covered, the remaining unsubscribed shares will be reallocated to participating institutional investors.