Riyadh – Mubasher: Arabian Internet and Communications Services Company (solutions by stc) announced the completion of the retail offering process for its initial public offering (IPO).
The individual investors' tranche was oversubscribed with 2,365% as 1.04 million subscribers submitted orders worth SAR 8.6 billion, the company said in a statement on Tuesday.
The company allocated a minimum of two shares for each retail subscriber, while the remaining shares will be allocated on a pro-rata basis with an average allocation factor of 0.5776%.
The retail subscription period, which included 2.4 million shares, representing 10% of the total offering at a final offer price of SAR 151, started on Sunday, 19 September, and ended on Tuesday. 21 September.
HSBC Saudi Arabia, Morgan Stanley Saudi Arabia, and SNB Capital Company acted as joint financial advisors in the offering.
The retail offering followed the institutional nook-building process which recorded an IPO order book that was 13,004.7% oversubscribed at SAR 471 billion.
Based on the results of the retail offering, the shares allocated to institutional investors will be reduced to 21.6 million shares, representing 90% of the total offer shares. Refunds will be processed no later than 29 September.
The final offer price has been set at SAR 151 a share, implying a market capitalisation of SAR 18.1 billion ($4.8 billion) at the listing.
The total offering size stands at SAR 3.624 billion ($966 million) and the offering includes 24 million existing shares.
