Al Razi’s IPO on Nomu 2,320% covered at SAR 28/shr

Logo of Al Razi Medical Co.

Al Razi Medical Co. completed offering 304,000 shares, or 20% of its capital, on Nomu-Parallel Market, where qualified investors fully subscribed to the shares on offer, TeamOne Co., the financial advisor on the initial public offering (IPO), said in a statement to Tadawul.

The offer price was set at the top range of SAR 28. The IPO was 2,320% oversubscribed.

Shares were allocated to individual and institutional qualified investors. The surplus refunds, if any, will be paid tomorrow, June 12.

The company will finalize the paperwork required for listing with Saudi Tadawul Group to set the debut date on Nomu.

On June 4, Al Razi started selling 304,000 shares to qualified investors, Argaam reported.

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