Riyadh – Mubasher: Samba Capital, the financial advisor, lead manager, and underwriter of the initial public offering (IPO) of Mahara Human Resources, has completed the book building process that was available to institutions and mutual funds.

The issue was 904% covered and the offering price was set at SAR 69 a share, Samba Capital said in a statement on Thursday.

The category reserved for public and private funds and discretionary portfolios was covered by %675, while the portion allocated for GCC investors, qualified foreign investors, non-resident investors through swap agreements, companies listed on the Saudi Stock Exchange (Tadawul), and private companies was covered by 229%.

A total of 11.250 million ordinary shares, representing 100% of the total offering size in the first phase, were offered to institutions and mutual funds.

In the second phase, 1.125 million shares, representing 10% of the total offering size, will be offered to retail investors.  

The lead manager may reduce the shares allocated to investors to 10.125 million shares, representing 90% of the IPO shares, after the approval of the Capital Market Authority (CMA).

The IPO will begin on 8 May and end on 14 May, Samba Capital added.