Riyadh – Mubasher: Subscription in the retail tranche of L’azurde’s initial public offering (IPO) ends on Monday, 13 June.
The tranche which began on 5 June saw the offering of 3.87 million shares or 30% of the jewellery maker’s shares to retail investors from the total IPO of 12.9 million shares.
It is expected that final stock allocations will be made no later than 19 June, with the surplus to be returned on 20 June, according to the company’s prospectus.
On Sunday, Saudi Fransi Capital, the financial advisor and lead manager for the IPO, announced that L’azurde’s IPO was 179.01% oversubscribed by the end of its seventh day.
A total of 283,960 retail subscribers bought 6.93 million shares worth SAR 256.32 million, according to Saudi Fransi Capital.
