Retal’s IPO on Tadawul 8.88x covered, 5 shares allotted per subscriber
Retal Urban Development Co., which will list shares on Tadawul, completed its retail offering and allocated a minimum of five shares per retail subscriber, SNB Capital, the financial advisor, lead manager, bookrunner, and underwriter on the IPO announced. The remaining shares will be allocated on a pro-rata basis, based on the demand size of every subscriber to total shares. The allocation ratio is 0.364%.
Retal Offering Highlights
|Total number of offer shares||12 mln|
|Percentage of capital||30%|
|Shares allocated to Retal investors||1.2 mln|
|Number of retal subscribers||233,100|
|Offer price||SAR 120|
|Retail offer coverage||8.88x|
|Total value of retail subscriber orders||SAR 1.278 bln|
|Allocation||A minimum of five shares|
|Allocation of remaining shares||0.364% on a pro rata basis|
|Surplus refund||No later than June 15|
The company offered 12 million shares, representing 30% of its capital, of which 90% was allocated to participating parties and 10% to retail investors. The subscription period for the retail tranche ran through June 5-6. Retail investors fully subscribed to 1.2 million shares at SAR 120 each.