Amlak International allocates 10 shares per subscriber in IPO

Amlak International for Real Estate Finance Co. completed the allocation of shares for retail subscribers, NCB Capital, the IPO’s financial advisor, lead manager, bookrunner and underwriter, said in a statement.

Amlak allocated a minimum of 10 shares to each retail subscriber and each individual included in the subscription request.

The remaining shares will be allocated on a pro rata basis at around 0.07%, based on the size of each subscriber’s request compared to the total remaining subscribed shares.

Fractional shares were also allocated on a pro rata basis. In line with Amlak International’s IPO prospectus, 2.71 million, or 10% of the offer shares, were allocated to retail subscribers.

All receiving agents will finalize the excess money refund procedures no later than today, July 12.

Amlak will start trading on the Saudi Stock Exchange (Tadawul) on Monday, July 13 with the symbol 1182, and a daily price fluctuation limit of 10%, Argaam reported last week.

Read: Amlak International to debut on Tadawul on July 13

The company floated 27.18 million shares, or 30% of its share capital, of which 90% were allocated for institutions, with the remaining 10%, or a maximum of 2.72 million shares, were offered to retail investors.

A total of 24.46 million shares, representing 90% of the shares on offer were allocated to institutional investors, with the institutional offer having achieved a coverage ratio of 4.98x.

The coverage ratio for the retail offer was 26.90x of the total shares offered to individual subscribers, which amounted to 2.71 million shares, representing 10% of the total shares offered.

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