Saudi Arabia: Amlak Completes IPO with Over 260,000 Retail Subscriber

Saudi Arabia: Amlak Completes IPO with Over 260,000 Retail Subscriber

Published July 7th, 2020 - 11:30 GMT











Highlights





The total number of retail subscribers was 266,821, subscribing to invest SR1.17 billion at an offer price of SR16 per share. 







The IPO of Amlak International shares was completed on Sunday (July 5) after finalising the retail subscription tranche with coverage by individuals at a ratio of 26.90x, said NCB Capital, financial advisor, lead manager, bookrunner, and underwriter for the issue.

The total number of retail subscribers was 266,821, subscribing to invest SR1.17 billion at an offer price of SR16 per share. 

The institutional tranche of the IPO had previously achieved coverage of 4.98x. 

The successful completion of the offering saw total coverage of 7.67x for the first IPO to take place in the kingdom since severe market disruption at the end of March. For the first time in the local market, the IPO roadshow was conducted remotely, with investor presentations and meetings all staged on virtual platforms. 

Abdullah Al Sudairy, CEO of Amlak International, commented: "We are pleased by the extremely healthy response to our IPO, which is evidence of the long-term view that the investment community has taken towards the Saudi economy and our company. While financial