Electric Industries IPO: three shares allotted to each investor and increased with the increase of requests

SAMBA Capital, the lead manager, underwriter and arranger of Electric Industries Company’s IPO, announced the completion of retail investors’ tranche IPO with the allotment of 3 shares per investor increased with the increase of requests.
 

The Saudi Capital Market Authority approved a request by Electric Industries Co. to sell 13.5m shares or 30% of the company in an initial public offering from November 11 to 17. 50% of the shares were allocated to institutions and 50% to authorized persons.

According to Argaam; 1.74m investors subscribed to the IPO raising an amount of SAR 1.9bn with a coverage ratio of 522.7%.
 

SAMBA Capital added that the surplus is to be refunded today; Monday November 24, 2014 as mentioned in the IPO prospectus.
 

According to the IPO prospectus; 6.75m shares or 50% of the IPO shares were allocated to retail investors and 6.075m shares or 45% of the IPO shares were allocated to public investment funds while the remaining 5% was allocated to all other institutions.