NCB Capital; the financial advisor, lead manager, bookrunner and underwriter of Amlak International’s IPO announced the completion of the allocation of shares for individual (retail) subscribers.
NCB Capital also said that after closing the subscription period for the retail tranche; all receiving banks completed the settlement and auditing process on Sunday evening, July 5, 2020. This is in accordance with the closing date of the subscription process.
The coverage ratio for the retail offer was 26.90x of the total shares also offered to individual subscribers; which amounted to 2,718,000 shares, representing 10% of the total shares offered. With a minimum of 10 shares allocated to each subscriber and each individual included in the subscription request; the remaining shares will be on a pro rata basis at around (0.07%). This also depends on the size of each subscriber’s request against the total remaining shares subscribed to.
Fractions of shares were also on a pro rata basis. In line with Amlak International’s IPO Prospectus, 2,718,000 shares, representing 10% of the offer shares, were to retail subscribers. 24,462,000 shares, representing 90% of the shares on offer were to institutional investors; with the institutional offer having achieved a coverage ratio of 4.98x.
NCB Capital confirmed that the receiving agents will finalize the excess money refund procedures no later than Sunday; July 12, 2020G.
The Saudi Stock Exchange (Tadawul) also announced that the listing and trading of Amlak International’s IPO shares will start as of Monday corresponding to July 13, 2020. In a statement posted on Tadawul’s website, the Company will trade under the ticker symbol (1182).