Dubai: Arabian Mills’ IPO announces the completion of the retail subscription period. Each individual subscriber was guaranteed a minimum allocation of five shares.
HSBC Saudi Arabia is the acting financial advisor, global coordinator, bookrunner, underwriter, and lead manager for Arabian Mills.
The remaining shares will be allocated on a pro-rata basis, based on demand, with an average allocation factor of 1.7102 per cent.
HSBC Saudi Arabia explained that the distribution of leftover shares followed a specific methodology: Investors received additional shares in order of demand until all shares were allocated, according to a report by Saudi financial news portal Argaam.com.
The retail offering lasted two days and concluded on September 19, 2024.
The retail tranche fully subscribed to its allocated shares, totalling 1.54 million shares, which represents 10 per cent of the total shares offered, priced at $17.6 (Dh64.64) per share.
