Al Arabia's retail offering 1,480% oversubscribed at a value of SAR 2.2bn

Al Arabia's retail offering 1,480% oversubscribed at a value of SAR 2.2bn

: GIB Capital, the lead manager for the initial public offering (IPO) of the Arabian Contracting Services Company (Al Arabia), announced the completion of the offering of the company’s shares for individual investors. The offering was 1,482% oversubscribed as a total of 655,179 retail investors subscribed to 1.5 million shares at an offer price of SAR 100 per share, according to a statement to the Saudi Exchange (Tadawul). The total value of retail subscriptions amounted to SAR 2.223 billion. Each Individual subscriber will receive a minimum of two shares, while the remaining shares will be allocated on a pro-rata basis based on demand size to the remaining demand with an allocation factor of 0.9%. The subscription period for individual investors, comprising 1.5 million shares representing 10% of the total offering, started on 26 October and ended on 28 October.