Riyadh – Mubasher: Samba Capital announced that the initial public offering (IPO) of Mahara Human Resources has been oversubscribed by 230%.

The financial advisor, bookrunner, lead manager, and sole underwriter of the IPO added that the offering attracted 31,000 subscribers purchasing 2.59 million shares at total proceeds of SAR 178.79 million, or SAR 69 apiece, Samba said in a statement late on Sunday.

Mahara allocated a total of 10.125 million shares, or 90% of the total offering size, to institutional investors, while the remainder 1.125 million shares were allocated for retail investors.

Samba Capital noted that the allotment and surplus refunds process will be completed on Tuesday, 21 May, adding that trading on the Saudi Stock Exchange (Tadawul) will commence after completing all due requirements.