Mohammed Hadi Al-Rasheed IPO 683% oversubscribed, priced at SAR 28

Mohammed Hadi Al-Rasheed Co. successfully completed its initial public offering (IPO) on the Nomu-Parallel Market.

The offering was 682.99% oversubscribed, Yaqeen Capital, the financial advisor and lead manager, said.

The necessary paperwork will be completed with Saudi Exchange Co. (Tadawul) to set the company’s listing date on Nomu, the statement added.

Qualified investors started on April 28 subscribing to 1.44 million shares of Mohammed Hadi Al-Rasheed. The offering price range was set between SAR 22 and SAR 28 per share.

The shares on offer stand at 12% of the company’s SAR 120 million capital, which is divided into 12 million shares.

The subscription period ended on May 6. 

source: argaam