Riyadh – Mubasher: Ataa Educational Company allocated a minimum of ten shares per subscriber in its initial public offering (IPO), according to a recent statement by the financial advisor and lead manager HSBC Saudi Arabia.

The group added that the remaining shares will be allocated pro-rata.

On Wednesday, HSBC Saudi Arabia announced that Ataa Educational Company’s retail offering was oversubscribed by 426%.

A total number of 38,560 investors subscribed to 1.2 million shares worth SAR 148 million.

The company noted that surplus refunds will be returned back on Thursday, 25 July.