Riyadh – Mubasher: SNB Capital announced the completion of the retail offering process of East Pipes Integrated Company for Industry’s initial public offering (IPO) at a value of SAR 810.8 million.
The individual investors' tranche was oversubscribed 16.1 times by 209,452 subscribers, according to a bourse disclosure on Monday.
The company allocated a minimum of three shares for each individual subscriber, while the remaining shares will be earmarked on a pro-rata basis with an average allocation factor of 0.0173%.
SNB Capital, which is the IPO’s financial advisor, bookrunner, lead manager, and underwriter, noted that the final IPO price has been set at SAR 80 per share.
It added that 630,000 shares, representing 10% of the total IPO volume, were offered for retail subscription during 24-25 January.
East Pipes has offered 6.30 million shares, of which 90% were allocated for institution subscription.
Earlier this month, East Pipes announced it would launch an IPO to list ordinary shares on the Main Market (TASI) of the Saudi Exchange (Tadawul).
