Miahona retail offering 6.1x covered; 10 shares minimum allocated per subscriber

Logo of Miahona Co.

The retail offering of Miahona Co. was successfully completed, said Saudi Fransi Capital, the sole lead manager, joint financial advisor, book-runner and underwriter on the company's initial public offering (IPO).

 

A minimum of 10 shares were allocated to each subscriber, according to a Tadawul statement issued today, May 27.

 

For More IPOs

 

Rump shares will be allocated on a pro rata based on the demand size, with an average allocation factor of 11.6%.

 

The offering was 6.1x covered, the statement added. Based on the retail offering’s result, the number of shares allocated to participating categories will be reduced to 38.62 million, representing 80% of the offering.

 

Offer Details

Number of Shares Offered

48.28 mln

Number of Shares Allocated to Retail Investors

9.66 mln

Offer Price

SAR 11.50/share

Coverage Ratio

6.1x

Subscription Allocation

10 shares minimum per subscriber

Allocation of Rump Shares

On a pro rata of 11.6%
 

According to data available with Argaam, the company floated 48.28 million shares, or 30% of capital, at a nominal value of SAR 1/share. It allocated 80% to participating parties, while the remaining 20% was allotted to individuals.

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