Al-Nayifat Finance Company Al-Nayifat announced today that the period for individual investors to successfully subscribe for its public offering in the Saudi market has ended. >
According to Arabiya Net, the company said in a statement that the subscription period for individual subscribers began on November 7, 2021 and ended on November 8, 2021, with the participation of 1,021,759 individuals and orders worth about 2.5 billion riyals, with coverage exceeding the target by 20.95 times. This is in all the shares allocated to this segment, amounting to 3.5 million shares, at a rate of 10% of the total shares offered at the final price of the offering shares at 34 Saudi riyals per share.
The period of individual investors' subscription began after the completion of the book-building process for institutions on October 28, 2021, and the total value of institutional subscription reached 162 billion riyals, with a coverage rate that exceeded the target by 136 once.
The coverage was distributed to Saudi companies, including listed companies, private companies, insurance companies, financial market institutions, with a coverage rate of 92 times, public funds, private funds, and funds managed by financial market institutions. With a coverage rate of 37 times, non-Saudi investors include investors in the Gulf Cooperation Council countries, qualified foreign investors and investors through swap agreements with a coverage rate of 5 times, and government institutions twice.
Based on the level of demand from individual subscribers, the number of shares allocated to institutions has been reduced to 31.5 million shares, representing 90% of the total number of shares offered.
The company has allocated a minimum of 3 shares to each subscriber. The remaining shares were allocated on a pro-rata basis at a rate of about 0.6188%, based on the volume of each individual's demand compared to the total remaining shares subscribed to. Subscription surplus (if any) will be returned no later than November 15, 2021.
The final price of the offering shares was set at 34 Saudi riyals per share, which means that the market value of the company upon listing reached 3.4 billion riyals.
The total size of the offering is 1.19 billion riyals.
