AMAK sets IPO final price at SAR 63/share, institutional offering 73.6x oversubscribed

Logo of Al Masane Al Kobra Mining Co.

The book-building process for the initial public offering of Al Masane Al Kobra Mining Co. (AMAK) was completed successfully for participating categories, announced Al Rajhi Capital, the financial advisor, lead manager, underwriter and institutional book runner.

It also announced that the IPO's final price was set at SAR 63/share.

Al Rajhi Capital added that the offering was 73.6x oversubscribed, with total applications reaching nearly SAR 91.8 billion.

On Dec. 22, 2021, the Capital Market Authority (CMA) approved an application by AMAK to sell 19.8 million shares, or 30% of its SAR 660 million capital (66 million shares), to the public.

The number of shares offered for retail investors amounts to 5.94 million shares maximum, or 30% of total offered shares. Retail subscription period till run for three days ending on March 11, 2022.

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