Riyadh - Mubasher: The book-building process for institutions and investment funds subscribing to Amlak International for Real Estate Finance’s shares has been successfully completed, said the initial public offering's (IPO) financial Advisor, lead manager, bookrunner and underwriter, NCB Capital. 

The IPO registered a 500% institutional coverage, and the share price has been set at SAR 16, according to a press release on Tuesday.

Public and private funds and DPMs amounted to 43.4% of the coverage, while the authorised persons, Saudi listed companies, insurance companies, private companies, endowments and QFIs, reached 56.6% of the coverage, the statement indicated.

NCB Capital has completed all the necessary preparations to ensure the IPO success, which begins on Thursday, 2 July 2020, until Sunday 5 July.

All offered shares, totalling 27.18 million, will be allocated to the participating institutions and investment funds, representing 100% of the total shares offered.

However, in case there is sufficient demand from individual subscribers, the IPO’s lead manager may reduce the number of allocated shares to the participating entities to 24.462 million shares or 90% of the total shares offered, and offer not more than 2.718 million shares or 10% of the total shares offered to individual subscribers, subject to the approval of the Capital Market Authority (CMA).