SAL Logistics IPO 16.1x covered, 2 shares allocated per subscriber

Logo of SAL Saudi Logistics Services Co.

SAL Saudi Logistics Services Co. closed its retail offering, in preparation for its listing on the Saudi Exchange (Tadawul), with two shares minimum allocated per subscriber, HSBC Saudi Arabia, the financial advisor, bookrunner, lead manager and underwriter, said in a statement to Tadawul.

The remaining shares will be allocated on a pro rata basis at 1.9805%.

The retail offering was 16.1x covered by 833,500 subscribers, and it drew nearly SAR 4.1 billion orders.

Fractional shares were allocated in a descending manner at one share per application order.   

According to data available with Argaam, the company floated 24 million shares, representing 30% of capital, of which 90% was allocated for institutional investors and the remaining 10% for individuals. 

The retail offering started from Oct. 11-13.