Saudi Arabia’s mortgage lender Amlak to start trading on Tadawul from Monday - The National:
Shares in Saudi Arabia’s mortgage lender Amlak International for Real Estate Finance will start trading on the Tadawul stock exchange on Monday as the company completes its IPO process.
The company is floating 27.18 million shares, or 30 per cent of its total, with an indicative price range set at 15-17 Saudi riyals (Dh14.7-Dh16.6) per share. Proceeds of the offer are being used to repay selling shareholders.
The offer, the first major listing to take place on Tadawul since the coronavirus outbreak, has been significantly oversubscribed, with a total coverage ratio of 7.67x, according to NCB Capital, which is advising on the listing. Demand from institutional investors, to whom 90 per cent of the shares have been allocated, was covered 4.98x, while the retail element was oversubscribed 26.9x.
“We are pleased by the extremely healthy response to our IPO, which is evidence of the long-term view that the investment community has taken towards the Saudi economy and our company," Abdullah Al Sudairy, chief executive of Amlak International, said last week following the closing of its offer to retail investors.
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