L’Azurde IPO 293% oversubscribed by final day

L’Azurde Company for Jewelry’s initial public offering (IPO) was 293 percent oversubscribed by the end of the final day, according to Saudi Fransi Capital, the financial advisor and lead manager for the offering.

A total of 385,400 investors bought 11.3 million shares for SAR 419.7 million over the nine-day period during the retail tranche of the offering.

The subscription period for the retail investors began on June 5 and ended on June 13. A total of 3.87 million shares, or 30 percent of the 12.9 million allocated shares, were offered to investors over the period.

L’azurde is owned by a consortium of private equity firms comprising of Investcorp, Eastgate Capital and The National Investor, alongside Saudi Arabia’s Al Othaim family.

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