Neft Alsharq IPO on Nomu 489% oversubscribed, offer price set at SAR 3.6

Logo of Neft Alsharq Company for Chemical Industries

Yaqeen Capital, the financial advisor and lead manager on the initial public offering (IPO) of Neft Alsharq Co. for Chemical Industries on Nomu-Parallel Market, announced that the subscription to five million shares was completed with 489.05% coverage.

 

The offer price was set at the maximum limit of the price range, at SAR 3.6 per share.

 

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Yaqeen Capital will finalize the required procedures with Saudi Tadawul Group Holding (Tadawul Group), before setting the date for stock debut on Nomu.

 

The company floated five million shares, or 20% of its SAR 25 million capital, on May 26. The price range was set between SAR 3.0-3.6 per share. Subscription closed on June 2.

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