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Al Dukheil sets NCLE’s IPO price at SAR 19/shr

Al Dukheil sets NCLE’s IPO price at SAR 19/shr
The IPO will take place during the period between 22 and 28 October

Riyadh – Mubasher:  Al Dukheil Financial Group, the financial advisor and lead manager of the National Company for Learning and Education (NCLE), on Sunday announced that it has set the share issue price of NCLE’s initial public offering (IPO) at SAR 19 per share.

The determined price represents the maximum range after completing the book-building process, according to Al Dukheil’s statement.

The share offering for institutional investors was 155% oversubscribed, Al Dukheil noted.

As for the IPO’s first phase, the Saudi-based school operator offered 13 million shares, or 100% of the total offering size, to institutional investors as well as investment funds, subject to a scale back to 11.70 million shares, or 90%.

On the other hand, the company will offer 1.3 million shares, or 10% of the shares, for individual investors.

The IPO will take place during the period between 22 and 28 October.