The initial public offering of Electrical Industries will close today, Monday, Nov. 17. The company floated 3.5 million shares, or 30% capital, to retail investors at SAR 54 each.
The offering was 206% covered at the end of the fifth day, according to Samba Capital, the IPO financial advisor, lead manager, book runner and underwriter. It added that the share offering saw at the end of the fifth day a total of 739,247 subscribers who injected SAR 750,889,980 through requesting 13,905,370 shares.
Analysts told Mubasher that the IPO is expected to be covered by up to 400%, setting the fair value at SAR 85 per share.
Samba had earlier said the book building saw a coverage ratio of 988% of the total offered shares, as follows:
- Investment funds: 217%
- Persons authorized by the CMA: 359%
- Tadawul-listed firms: 412%
The offering was 206% covered at the end of the fifth day, according to Samba Capital, the IPO financial advisor, lead manager, book runner and underwriter. It added that the share offering saw at the end of the fifth day a total of 739,247 subscribers who injected SAR 750,889,980 through requesting 13,905,370 shares.
Analysts told Mubasher that the IPO is expected to be covered by up to 400%, setting the fair value at SAR 85 per share.
Samba had earlier said the book building saw a coverage ratio of 988% of the total offered shares, as follows:
- Investment funds: 217%
- Persons authorized by the CMA: 359%
- Tadawul-listed firms: 412%
Source:
Mubasher Exclusive
