Edaa deposits Maharah shares into investor accounts

The Securities Depository Center Company (Edaa) said on Wednesday it deposited the subscribed shares in Maharah Company into the investors’ accounts.

Maharah Human Resource Co. was offering 11.25 million shares, or 30 percent of its initial public offering (IPO) to retail investors at SAR 69 per share.

Maharah allocated 90 percent of the total offering size to institutional investors and funds, and 10 percent for retail investors.

Maharah allocated 10.125 million shares, or 90 percent of the total offering size to institutional investors and funds, and 10 percent for retail investors (1.125 million shares).

Maharah's IPO was 230 percent oversubscribed for retail investors, as a total of 31,000 subscribers purchased 2.59 million shares worth SAR 178.79 million.

The retail offering was held from May 8 to May 14. The offering to institutional investors ended recently and it was 904 percent oversubscribed.

The company was established in 2013 under Maharah Foreign Recruitment Co. with SAR 100 million in capital to provide foreign recruitment services to both the public and private sectors.

Maharah has 18 branches across the Kingdom, in addition to its main offices in Riyadh and a sales office in King Saud University.

It plans to expand in both the Kingdom and United Arab Emirates.