Riyadh - Mubasher: Quara Finance Company has completed the initial public offering (IPO) of 2.65 million shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) to qualified investors at SAR 15 per share.

The coverage rate of the offering reached 218%, and the minimum number of shares allocated to each subscriber was 10 shares, while the remaining shares were allocated on a pro-rata basis, according to a bourse filing.

The IPO represents 8.83% of the company’s total shares. Riyad Capital acted as the offering's financial advisor and lead manager.

The refund process is set to be completed by no later than 18 February 2024.

Earlier in February, Quara Finance set the price of its IPO on Nomu at a range between SAR 13 and SAR 15 per share.