Quara Finance offer price set at SAR 15; Nomu IPO 218% covered

Logo of Quara Finance Co.

Riyad Capital, the financial advisor and lead arranger of the initial public offering of Quara Finance Co. on Nomu-Parallel Market, announced that subscription was completed for 2.65 million ordinary shares, or 8.83% of capital, according to a statement to Tadawul.

Qualified investors fully subscribed to offered shares. The offer price was set at SAR 15 per share, with the offering being 218% covered.

Riyad Capital added that the minimum number of shares allocated to each subscriber is 10 shares, while the remaining shares were allocated on a pro-rata basis.

The refund process will be completed by no later than today, Feb. 18.

Riyad Capital will complete regulatory procedures with Tadawul before deciding on the listing date.

The company floated 2.65 million shares, or 8.83% of its SAR 200 million capital, which is divided into 30 million shares. The subscription period for qualified investors expired on Feb. 8, Argaam earlier reported.