Riyadh – Mubasher: Al-Kathiri Holding Company’s initial public offering (IPO) has been oversubscribed by 251% on Tuesday.

The number of qualified subscribers reached 97 investors, injecting a total of SAR 60 million or at SAR 31 per share for 819,000 shares, Falcom Financial Services said in a statement.

The offering was at a price range between SAR 23 and SAR 31 per share and the subscription was done on the highest level of SAR 31.

The offering of Al-Kathiri is considered the fourth offering for Falcon on the Saudi Nomu-Parallel Market, Falcon’s CEO Moath Qasem Al Khasawneh noted.

Al Khasawneh added that these offerings will encourage and attract many companies to be listed on Nomu, expecting that it will lead to an increase in the volume and value of the market.

The Saudi Capital Market Authority's (CMA) board had earlier approved the prospectus for the offering of 819,000 shares of Al-Kathiri on Nomu.

The offer was confined to qualified investors stipulated in the parallel market’s listing rules and the prospectus will be published within sufficient time prior to the start of the offering.