Riyadh – Mubasher: Al Saif Stores for Development and Investment Company (Alsaif Gallery) set the final price for its initial public offering (IPO) at SAR 115 per share to trade on the Main Market of the Saudi Exchange (Tadawul).

Saudi Fransi Capital, the financial advisor, lead manager, underwriter, and bookrunner for the IPO, indicated that the offering was oversubscribed by 1,550%, according to a bourse filing.

A maximum of 1.05 million ordinary shares, representing 10% of the total offering, will be allocated to the individual subscribers as a second stage.

Alsaif Gallery intends to list 10.50 million shares, accounting for 30% of its issued share capital.

Saudi Fransi Capital, Banque Saudi Fransi, and Saudi National Bank (SNB) fulfilled all the necessary measures for receiving subscriptions from the individual investors’ tranche, which will take place during 5-6 December 2022.

Last September, the Capital Market Authority (CMA) greenlighted the company’s IPO.