Alkhorayef Water’s retail offering 1,511% oversubscribed

Logo of Alkhorayef Water and Power Technologies

Alkhorayef Water and Power Technologies Co.’s (AWPT) retail offering was 1,511.52% oversubscribed, according to Saudi Fransi Capital, the financial advisor, lead manager, underwriter and bookrunner, and EFG Hermes KSA, bookrunner and underwriter, said in a statement.

A total of 136,988 individual investors injected SAR 816.22 million to buy 750,000 shares at SAR 72 per share.

The company allocated a minimum of 5 shares to each retail subscriber included in the subscription request, according to the prospectus. The remaining shares have been allocated on a pro rata basis, based on the size of each subscriber’s request compared to the total remaining subscribed shares.

Final allocations and refunds (if any) will be processed no later than Feb. 22, 2021.

The listing date on the Saudi Stock Exchange (Tadawul) will be announced later on.

AWPT launched its two-day retail offering on Feb. 16. A total of 750,000 ordinary shares, representing 10% of AWPT’s capital, were allocated to retail investors at SAR 72 per share.

Meanwhile, a total of 7.5 million shares or 100% of the offering size were allocated to institutional investors during the institutional book-building process.