Riyadh – Mubasher: Al Majed for Oud Company completed the book-building process for participating entities, settling the final price for its Initial offering price (IPO) at SAR 94 per share.

The coverage ratio amounted to 15,646% of the total offer shares, according to a press release.

The retail subscription period will last for one day only, commencing on Sunday, 15 September 2024.

Waleed Al Majed, Managing Director and CEO of Al Majed for Oud, said: “We are delighted by the overwhelming demand for our IPO, which was 156.5 times oversubscribed.”

“Our commitment to innovation and a clear growth strategy positions us well to achieve our strategic objectives and enhance our market position,” he added.

Last August, the company set the price range for its IPO  between SAR 90 and SAR 94 per share after the Capital Market Authority (CMA) greenlighted the transaction in June 2024.

Al Majed for Oud plans to float 7.50 million shares, representing 30% of the total issued share capital.