‎Retail subscription for AMAK IPO kicks off today

‎Retail subscription for AMAK IPO kicks off today

Retail investors will start today, March 9, subscription to about 5.94 million shares of Al Masane Al Kobra Mining Co. (AMAK), representing 30% of the shares offered, at SAR 63 each, as set by the book-building process.

The Capital Market Authority (CMA) approved, in December, an application by AMAK to offer 19.8 million shares, or 30% of its share capital, in an initial public offering (IPO).

The offering includes selling 10.13 million existing shares and issuing 9.67 million new shares.

The retail tranche subscription process will run for three days till March 11.

The company’s institutional offering, which ended last week, was 73.6x covered, with total applications reaching nearly SAR 91.8 billion.

AMAK’s IPO will be the fifth on the main market this year, following the IPO of East Pipes Integrated Company for Industry on Jan. 24, Scientific & Medical Equipment House Co. on Jan. 31, Elm Co. on Feb. 3 and Al-Dawaa Medical Services Co. (DMSCO) on Feb. 27.

Last year witnessed nine IPOs, including Alkhorayef Water and Power Technologies Co., Theeb Rent a Car Co., Tanmiah Food Co., solutions, International Company for Water and Power Projects (ACWA Power), Arabian Contracting Services Co. (Al Arabia), Nayifat Finance Co., Saudi Tadawul Group, and Almunajem Foods Co.

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