Walaa Insurance rights issue 81.5% subscribed by end of second stage

Saudi United Cooperative Insurance Company (Walaa) said its rights issue was 81.5 percent subscribed in its first and second stages after investors bought 16.3 million shares for SAR 195.6 million. 

During the first stage, investors bought 5.79 million shares raising SAR 69.49 million with a subscription ratio of 28.9 percent.

The second stage, however, was 52.6 subscribed after investors purchased 10.51 million shares for SAR 126.14 million, the insurer added in a filing to Tadawul. 

Aljazira Capital, the lead manager of the issue, will now invite institutional investors to exercise remaining rights that were not covered in the first two stages. This will take place on May 24-25, and shares will be allocated on a pro-rata basis for institutions with the highest offer first.

Walaa Insurance IPO