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 ended, lead manager, financial advisor, underwriter, and joint bookrunner AlJazira Capital announced in a Tadawul statement today, Dec. 1.

During the subscription period, retail investors covered 70.9% of the 6 million shares allocated to them, 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, representing 30% of its share capital, of which 20% were allocated to retail investors and 80% to institutional investors.

The institutional tranche was approximately 61.6x covered.

A total of 30 million offering shares were initially allocated to participating institutional parties, representing 100% of the offered shares, with final allocation to be confirmed after 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.