BinDawood sets IPO price at SAR 96 per share

BinDawood Holding Co. set the initial public offering (IPO) price at SAR 96 per share, the company said in a statement. 

This came in coordination with financial advisors, Goldman Sachs Saudi Arabia and J.P. Morgan Saudi Arabia, the company said in a statement. 

The book-building process generated institutional orders of SAR 106.9 billion, as the total offered shares were 4,870% oversubscribed as follows:  

-Public Funds, Private Funds and Discretionary Portfolios at 1,747% 

-Non-Saudi investors (including GCC investors, QFIs and non-resident investors through swap agreements) at 445%  

-Others (including government institutions, private companies, financial institutions and authorized persons) at 2,677% 

BinDawood Holding set the price range for its IPO between SAR 84 and SAR 96 per share. The institutional offering started on Oct. 1, 2020 and ended on Oct. 5, 2020, Argaam reported. 

The number of shares that was allocated to the tranches initially participating in the process of order book building reached 22.86 million shares, representing 100% of the offering size. 

The final allotment will take place on Oct. 15, where the lead manager has the right in case of sufficient orders by individual subscribers to scale back the number of shares to 90% or 20.57 million shares. 

The subscription period for retail investors will begin on Thursday, Oct. 8, 2020, and end on Oct. 12, 2020. 

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