Two shares for each individual in the subscription of "Arabia Internet and Communications Services"

The retail subscription of Arabian Internet and Communications Services Company has been successfully completed with financial advisors HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and Al Ahli Capital.

According to Arabiya Net, the segment of individual subscribers witnessed the participation of about 1.04 million individuals, with a coverage that exceeded the target by about 2,365%, and requests worth 8.6 billion riyals.

A minimum of two shares have been allocated to each individual subscriber included in the subscription application, while the remaining shares will be allocated on a pro rata basis based on the size of each subscriber's request to the total remaining shares required Subscription in it, with an allocation rate of 0.5776% on average.

The subscription period for individual subscribers began on September 19, 2021, and ended on the 21st of the same month by subscribing to the entirety of the shares allocated to this segment, amounting to 2.4 million 10% shares, From the total shares offered at the final price of the offering shares at 151 riyals per share, through the receiving entities.

The company said that the subscription of individuals began after the completion of the process of building the order book for institutions, which achieved a coverage ratio that exceeded the target by 1,3004.7%, with a value of 471 billion riyals, reaching The coverage of Saudi companies (including listed companies, private companies, insurance companies and financial market institutions) was about 9507.6%, and the coverage of public funds, private funds and funds managed by financial market institutions was about 2,395.9%, while the coverage of non-Saudi investors (including those in the GCC countries) Gulf countries and qualified foreign investors and investors through swap agreements) about 908.7%.

She added that the coverage rate of government institutions was 41.4%, while the coverage of other investors was about 151.1%.

The company revealed that, based on the results of the individual investors' subscription process, the number of shares allocated to the participating classes will be reduced to 21.6 million offered shares, representing 90% of the total offering shares. Noting that the surplus will be refunded no later than September 29, 2021.