By Andrei Skvarsky.
Saudi investment advisory Aldukheil Financial Group (AFG) has piloted a Saudi medical services company through a recent initial public offering (IPO) that was nearly 540 per cent oversubscribed and raised about $22m for the health care firm.
Investors subscribed to all 1.4m ordinary shares floated by Naba Alsaha Medical Services Co. at the IPO, which closed on August 14, AFG, the company’s adviser on the offering, said in a statement.
The shares, which make up 20 per cent of Naba Alsaha’s capital, were priced at 57 Saudi Arabian riyals ($15.20) each.
The IPO was 530.73 per cent oversubscribed, the Riyadh-headquartered advisory said.
It said each subscriber had received a minimum of 10 shares and that the remainder had been allocated on a pro rata basis.
The IPO was held on the Saudi Parallel Market (Nomu), an equity market with looser listing requirements than the Saudi Stock Exchange (Tadawul). Nomu was launched by Tadawul in 2017 as an alternative trading platform for companies to go public.
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