Riyadh – Mubasher: Power and Water Utility Company for Jubail and Yanbu (Marafiq) set the final price of its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) at SAR 46 per share.
The retail offering registered 1.59 million subscribers investing SAR 6.37 billion during the 26-30 October period, according to a bourse disclosure on Thursday.
The individual investors offering was oversubscribed by 631.57%.
The company allocated a minimum of 10 shares for each retail subscriber, while the remaining shares will be earmarked on a pro-rata basis with an allocation factor of 4.91%.
Additionally, the total offering size reached SAR 3.36 billion ($897 million), implying a market cap at listing of SAR 11.50 billion ($3.10 billion).
Marafiq offered 73.09 million shares (29.24% of share capital), of which 70% was allocated to institutional investors. The remaining 30%, equivalent to 21.92 million shares, was directed to individual investors.
Last October, the company settled the IPO price at a range of SAR 41-46 per share.
On 24 August 2022, Tadawul passed the firm’s request to trade on the main market, whereas the Capital Market Authority (CMA) granted its approval last September.
