HSBC Saudi Arabia, in its capacity as the financial advisor, lead book manager, lead manager, and price stabilization manager for the potential initial public offering of Jaheed International for Information Systems Technology, intends to offer its shares for the initial public offering and to list its ordinary shares in the parallel market at Tadawul Saudi Arabia.
According to Arabiya Net, the IPO manager expected in a statement that the offering would include selling existing shares and issuing new shares, which would constitute 13% of the group's capital.
The group obtained the approval of the Saudi Tadawul to list its shares on the Nomu Parallel Market on August 9, 2021, and obtained the approval of the Capital Market Authority on its request to offer about 1.364 million Ordinary shares representing 13% of the group's capital for public subscription on September 29, 2021.
The final offer price will be determined for all subscribers after the end of the order book building period. Up to 15% of the offering shares will be allocated as an additional allocation to implement the price stability mechanism.
The number of the Offer Shares that will be initially allocated to qualified non-individual investors is 1.364 million shares, representing 100% of the total Offer Shares, provided that the final allocation is after the expiry of Qualified Individual Investors Subscription Period In the event that individuals subscribe to all of the offering shares allocated to them, the subscription registry manager has the right to reduce the number of shares allocated to qualified non-individual investors to about 1.091 million offering shares as a minimum, representing 80% of the total offering shares.
A maximum of 272.79 thousand Offer Shares will be allocated, representing 20% of the total Offer Shares to Qualified Individual Investors.
