Maharah Human Resource sets IPO price at SAR 69

Maharah Human Resource Co. has set the price for its initial public offering (IPO) at SAR 69 per share, after completing the book building process of the institutional tranche.

The offering was 904 percent oversubscribed (675 percent by mutual funds and 229 percent by authorized brokerage firms), Samba Capital, the financial advisor, underwriter and lead manager, said in a statement.

Funds and other institutional investors have subscribed to 11.25 million shares, or 100 percent of the offered shares.

Meanwhile, a total of 1.125 million shares, or 10 percent of the offering size, will be offered to retail investors.

The lead manager has the right to reduce this percentage, if retail investors fail to fully subscribe to the offered shares.

Receiving banks are Samba Capital, Al Rajhi Bank, Banque Saudi Fransi, Riyad Bank, National Commercial Bank (NCB) and Saudi British Bank (SABB).

The retail offering will be held from May 8 to May 14, the statement added.