The institutions covered the subscription of electricity and water utilities in Jubail and Yanbu Marafiq, in full within hours from the start of the process of building the order book for the institutional segment, today, Sunday.
According to Arabiya Net, coverage took place to offer a 30% stake in Marafiq shares in the main Saudi stock market, according to the share pricing at a maximum of 46 riyals and a total of 3.3 billion riyals.
Marafiq had set the company's offering price range between 41 and 46 riyals per share.
The company is offering 73 million ordinary shares, representing about 30% of the capital, in preparation for listing the company's shares on the main Saudi market.
This is done by selling existing shares by major shareholders who own 5% or more of the company's shares.
The process of building the order book for the institutions segment began today, Sunday, and ends on October 14.
The individual subscription period will start on October 26-29, and 30% of the offered shares will be allocated to the individual segment.
Abdullah Al-Hamid, head of advisory at GIB Capital, said that the continuation of initial public offerings in the Saudi market despite the global turmoil reflects the confidence of investors.
Al-Hamid added in an interview with Al-Arabiya, that many markets are experiencing a lack of clarity of vision, high uncertainty, and a significant decrease in appetite for risks, but the conditions in Saudi Arabia are very good, with the local stock market outperforming its global counterparts.
He pointed out that the subscription of the Electricity Utilities Company will reflect positively on the company in the coming period, adding that the public offering comes within the Kingdom's broader plan to offer government companies in the stock market within the framework of Vision 2030.
Al-Hamid expected that the Kingdom would not postpone its plans to offer these companies, noting that more than 70 companies are seeking to obtain final approvals for the offering.
