National Education's retail offering 327% oversubscribed

31/10/2018 Argaam

 

The National Company for Learning and Education's (NCLE) retail offering, which closed on Oct. 28, was 327 percent oversubscribed.

 

A total of 62,000 subscribers pumped SAR 80.8 million into 4.26 million shares, at SAR 19 each, according to a statement by Al Dukheil Financial Group, the financial advisor and lead manager of the company’s initial public offering (IPO). 

 

The Riyadh-based school operator offered 13 million shares, or 30.23 percent of its capital, in the IPO, which started on Oct. 22.

 

A 100 percent or 13 million shares were floated to institutional investors as well as investment funds, subject to a scaleback to 90 percent (11.70 million shares). Meanwhile, up to 10 percent of the offering size (1.30 million shares) was allocated to retail investors.

 

Refunds will be allocated on Nov. 4, 2018.

 

The share sale aims to hike capital to SAR 430 million from SAR 300 million at a share price of SAR 19 per share.

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