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Final IPO price for Arabian Contracting set at SAR 100/shr

Final IPO price for Arabian Contracting set at SAR 100/shr
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Riyadh – Mubasher: The final price for the initial public offering (IPO) of Arabian Contracting Services Company (Al Arabia) has been set at SAR 100 per share, financial advisor GIB Capital announced in a bourse disclosure on Thursday.

GIB, the bookrunner and lead underwriter as well, announced the completion of the book-building process for the IPO, with the coverage reaching 126.6 times the volume of the offered shares.

Participating parties have requested a volume worth nearly SAR 189.9 billion.

GIB added that the Individual investors’ tranche subscription process will be implemented during 26-28 October, with a maximum volume of 1.5 million IPO shares, representing 10% of the total offer shares.

Last June, the Saudi Capital Market Authority (CMA) approved the IPO of 15 million shares of Arabian Contracting Services.