Riyadh – Mubasher: BMG Financial Group, the financial advisor of the initial public offering (IPO) of Al Samaani Metal Industries Factory Company, announced that the company's shares have oversubscribed by 166% by pre-qualified investors.

The shares were covered at a price of SAR 78 per share, according to a press release on the company's website on Sunday.

The subscription, which lasted for 14 days until 12 February, was on increasing capital by 20% of the shares (225,000 shares).

This is the seventh IPO for companies to be listed in the parallel market, which were all fully covered at least twice, the statement said.

The Saudi parallel market is expected to launch on 26 February.

Al Samaani company works in storage solution systems, as it manufactures and supplies various types of shelves and storage platforms. The firm's factory and main headquarters are located in the city of Buraidah.