Riyadh – Mubasher: The individuals tranche for the initial public offering (IPO) of Al Yamamah Steel Industries is scheduled to begin on Wednesday on the Saudi Stock Exchange (Tadawul) and last for seven days, ending on Tuesday, 3 May.
Riyad Capital, which was appointed as the financial advisor, bookrunner and lead manager for the IPO, announced the successful completion of placing subscription orders for the institutional tranche, with coverage reaching 681% of total stocks offered at SAR 36 per share.
The Capital Market Authority (CMA) on 28 March approved offering 15.24 million shares, representing 30% of capital, of which 70% have been allocated to institutional investors and 30% have been allocated for individuals.
