Riyadh Steel IPO on Nomu 223% covered

19/11/2023 Argaam
Logo ofRiyadh Steel Co.

Logo of Riyadh Steel Co.

Alinma Investment, the financial advisor on the initial public offering (IPO) of Riyadh Steel Co. on the Nomu-Parallel Market, stated that the offering was 222.56% subscribed, according to a filing to Tadawul.

 

It added that qualified investors fully subscribed to the offered shares.

 

The offering price was set at SAR 17 per share, the company said.

 

Alinma Investment will finalize the required procedures with the Saudi Exchange (Tadawul) and then determine the listing date on Nomu.

 

The company floated one million ordinary shares, or 20% of its SAR 50 million capital, divided into five million shares, according to data available with Argaam.

 

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