Bin Dawood Holding Company has set the final price for its IPO at 96 Saudi riyals per share.
According to Arabiyanet, the company announced with Goldman Sachs Saudi Arabia and GBMorgan Saudi Arabia, as financial advisors, the successful completion of building the order book for institutions. The subscriber is in accordance with the instructions of the Saudi Capital Market Authority.
Bin Dawood added, that the order book building process attracted subscription orders worth 106.9 billion riyals (28.5 billion dollars), and resulted in a coverage of the IPO by 4870% (i.e. more. Of 48 times) of the total shares offered.
The subscription of public funds, private funds and discretionary investment portfolios was covered by 1747%, and by 445% for non-Saudi investors (including investors in the Gulf Cooperation Council countries, and foreign investors) Finally, non-resident investors through swap agreements, covering the subscription of other parties (including government institutions, private companies, financial institutions and authorized persons) at a rate of 2677%.
The offering period for individual subscribers begins tomorrow and continues until the twelfth of this October.
Bin Dawood Holding noted that with determining the final price of the offering at the upper limit of the subscription at 96 Saudi riyals per share, the company's market value upon listing is 10.97 billion riyals (2.93) Billion dollars).
and indicated that, accordingly, the total offering judgment is 2.19 billion riyals ($ 585.22 million), noting that the offering includes 22.86 million ordinary shares of the current company’s shares. To be sold by existing shareholders.
and all shares were allocated for the benefit of the underwriting group on a temporary basis, noting that it may decrease to 20.57 million shares (representing 90% of the total number of shares offered) depending on the level The request is made by individual subscribers in the Kingdom, and the final total of the offering shares allocated to the institutional segment will be determined based on the subscribers' shares of the individual segment.
The CEO of Bin Dawood Holding, Ahmed Abdul Razzaq Bin Dawood, said that the strong turnout from the institutional segment to subscribe to Bin Dawood Holding shares reflects the subscribers' confidence in its ability to implement its strategy Successfully and efficiently.
the CEO added: Our stores under the Bin Dawood and Danube brands meet the needs of different customer segments along the value chain, supported by our digital online shopping platforms.
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