Riyad Capital said the initial public offering (IPO) of Middle East Paper Co. (MEPCO) was 264 percent oversubscribed on its fifth day.
About 15.8 million shares were taken up by 727.4 thousand retail investors for SAR 475 million.
MEPCO's six million share-sale started last Wednesday and will continue until April 14, according to data available on Argaam.
Riyad Capital is the financial advisor, lead manager, and underwriter of the IPO.
The below table illustrates the IPO’s coverage ratios since the first day:
|
MEPCO’s IPO |
|||
|
Raised Funds (SAR mln) |
Subscribers (thousand) |
Coverage Ratio |
Day |
|
91.3 |
136.2 |
50.7% |
April 8 |
|
193.3 |
289.0 |
107% |
April 9 |
|
234.3 |
349.0 |
130% |
April 10 |
|
318.5 |
480.7 |
177% |
April 11 |
|
475.0 |
727.4 |
264% |
April 12 |
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