RIYADH: Some of the Kingdom’s latest initial public offerings have received bids that have exceeded shares offered during the bookbuilding period, amid plans for debuts on the Saudi stock exchange.
Dammam-based Gas Arabian Services has set its final offer price at SR90 ($24) per share as it aims to list on the parallel market Nomu, according to a stock exchange filing.
The bookbuilding for accredited investors was finalized with a hedge of 47.58 times the total shares offered during the period, which ended on January 27.
FALCOM Financial Services, in its capacity as bookrunner of the offer, will finalize the procedures required with the Saudi Stock Exchange to determine the final listing date.
Scientific and Medical Equipment House, or SMEH, which seeks listing on the main TASI index, also announced its final offer price at SR52 – the upper end of the proposed range.
The bookbuilding of the participating entities was led by Alistithmar Capital, which announced that the offer had been hedged approximately 65 times.
As for the subscription of individual investors, it will begin on January 31 and will continue until February 3, with a maximum of 600,000 shares eligible for subscription, representing 10% of the total offer.
The listing decision came as the company aims to strengthen its position in the Kingdom’s operations, maintenance and healthcare sector, SMEH Chairman Basel bin Saud Al Arifi said in a statement to the Beginning of the month.
Following the wave of IPOs in the Kingdom, the Saudi Stock Market Regulator, or CMA, has approved the listing of Saudi Part Center Co. shares on Nomu.
Established in 1988, the Saudi Part Center in Riyadh is a subsidiary of the AlKhorayef Group, operating under the Machinery Systems Division.