Arabian Mills retail offer 9.2x covered, 5 shares allocated per subscriber

Logo of Arabian Mills Co.

HSBC Saudi Arabia, the financial advisor, global coordinator, bookrunner, underwriter, and lead manager for Arabian Mills Co.'s initial public offering, announced the completion of the retail subscription period, with a minimum allocation of five shares per individual subscriber.

The remaining shares will be distributed on a pro-rata basis, determined by the demand for the leftover shares, with an average allocation factor of 1.7102%, the company added.

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HSBC Saudi Arabia further noted that the allocation of the remaining shares was conducted using a specific methodology: each investor received an additional share in descending order of demand until all available shares were fully distributed.

According to data available to Argaam, the retail offering ran for two days, ending on Sept. 19, 2024.

The retail tranche subscribed fully to their allocated shares, amounting to 1.54 million shares, or 10% of offered shares, at SAR 66 per share.