AICC IPO 272% oversubscribed, 3.5 mln shares sold

Arabia Insurance Cooperative Company’s (AICC) initial public offering was 271.5 percent oversubscribed, as institutional investors bought a total of 3.46 million shares, Aljazira Capital, the insurer’s underwriter, said in a statement.

The average share price was SAR 12.42.

Proceeds from the sale of remaining and fractional shares totaled SAR 43 million, while compensation to priority right holders amounted to SAR 8.4 million.  

The Saudi-based insurance provider offered 20 million shares, individually priced at SAR 10, to its own investors in an effort to double its capital to SAR 400 million, according to data available on Argaam.

IPO