Jamjoom Pharma retail IPO 11x covered, 4 shares allotted per subscriber

Logo of Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma)

Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) completed its retail offering, which was 11x covered, the company said in a statement.

The number of retail subscribers reached 170,500, while total orders were valued at about SAR 1.39 billion.

A minimum of four shares were allocated per retail subscriber. The remaining shares will be allocated on a pro-rata basis at 0.5146%, based on the demand size of every subscriber to total shares.

Retail investors started on May 30 subscription to 2.1 million shares at SAR 60 apiece. The retail offering ended on June 1, according to Argaam's data.

Meanwhile, subscription by institutional investors ended in May. The total value of applications during the book-building process for participating categories neared SAR 84.6 billion.

Institutional subscription was 67.2x covered (88.8x when excluding shares allocated to cornerstone investors).

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