Alkhabeer Diversified Income Fund IPO attracts SAR 472.8 mln from 89,000 subscribers

Aljazira Capital, lead manager of Alkhabeer Diversified Income Traded Fund, announced the successful completion of the fund's initial public offering (IPO), which ended on Dec. 24, 2020.

During the IPO period of 15 business days, the fund attracted more than 89,000 subscribers, with net subscription value of SAR 472.8 million, Aljazira Capital said in a statement to Tadawul today, Dec. 30, 2020.

The lead manager will coordinate with the fund manager to complete the unit allocation process to subscribers no later than Jan. 7, 2021, which is within 10 business days from the end of the IPO period.

The fund’s units will be listed in the Saudi Stock Exchange (Tadawul) no later than Jan. 21, 2021, which is within 20 business days from the end of the IPO period.

According to data available with Argaam, Alkhabeer Diversified Income Traded Fund launched its IPO on Dec. 6.

On Sept. 16, 2020, the Capital Market Authority (CMA) approved Alkhabeer Capital's request to start offering units of Alkhabeer Diversified Income Traded Fund, which is the first underwriting in the Saudi market for this type of fund.

Alkhabeer Income Fund is a closed-ended traded vehicle and provides global exposure to a multi-asset portfolio of income generating assets. The target size of the fund is SAR 1 billion.

For More IPOs