Electric Industries IPO: price per share determined at SAR 54

SAMBA Capital; the lead manager, financial advisor and arranger of Electric Industries Company’s IPO said it has successfully completed book building process in accordance to CMA standards.
 

The IPO was 988% covered in the book building process by investment funds, individuals and Saudi listed Companies.

SAMBA Capital said that 90% of institutions’ allocated shared will be allocated to investment funds after retail investors’ IPO. The price per share was determined at SAR 54/share.

Institutions which represent the first tranche of subscribers to Electric Industries IPO have subscribed to 13.5 m shares or 100% of the shares available. 50% of shares available for IPO or 6.75m shares will be allocated to the second tranche of investors, retail investors’ IPO,

which will be held from November 11 to 17.

According to Argaam; the book building process of Electric Industries Co. IPO took place during the period from October 27 to November 2 for selling 13.5 m shares or 30% of the company in an initial public offering.