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Amlak International’s IPO retail subscription begins today

Amlak International’s IPO retail subscription begins today
Individual investors can subscribe to a maximum of one million shares
-0.63% 22.14 -0.14

Riyadh - Mubasher: The retail subscription period for 2.718 million shares offered by Amlak International for Real Estate Finance through an initial public offering (IPO) at a share price of SAR 16 will kick off on Thursday, 2 July, said NCB Capital.

The subscription period will run for four days, including the last day for closing the subscription, scheduled on Sunday, 5 July, according to a press release.

Individual investors can subscribe to a minimum of ten shares, and a maximum of one million shares, with the shares allocated on 12 July. The refund of surplus amounts, if any, will take place on 14 July, the statement noted.

Last Tuesday, NCB Capital announced the successful completion of the book-building process for the institutional tranche, with institutional coverage reaching 500% of the total offered shares.

NCB Capital is the IPO’s financial advisor, lead manager, bookrunner and underwriter

Commenting on the announcement, CEO of Amlak International, Abdullah Al-Sudairy, said: “With promising long-term fundamentals in place for our industry, Amlak intends to continue to expand the scope of its customer base across both the individuals and corporate portfolio. Meanwhile, we will continue to build on the opportunities afforded by our collaboration with the Real Estate Development Fund (REDF), the Saudi Real Estate Refinance Company, and the Ministry of Housing, as we work to promote home ownership in the kingdom and accelerate the pace of obtaining the necessary financing.”