Walaa rights issue 90.51% subscribed

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co. announced today, Dec. 15, the results of the rights issue trading and new shares subscription, as well as the details of the rump offering, as follows:

For More IPOs

Rump shares will be offered at the minimum offering price to a number of institutional investors, who will submit bids to purchase the shares, according to a Tadawul statement.

These shares will be allocated to institutional investors based on the highest to lowest bids, provided they are not less than the offering price. The shares will be allocated proportionately to institutional investors who submit the same bid.

If institutional investors do not subscribe to all the rump shares, they will be allocated to the underwriter, Albilad Investment, which will buy them at the offering price.