Share allocations announced after successful Al Alamiya IPO
Riyad Capital, Lead Manager and Sole Underwriter for the Initial Public Offering (IPO) of Al Alamiya Cooperative Insurance Company (under formation), has announced the outcome of the company’s IPO held from Saturday 3rd October 2009 to Friday 9th October 2009.
Riyad Capital announced that at the completion of the IPO, the offering was 748% subscribed. Some 166,887 applications for shares were made by 851,103 subscribers, injecting SAR 449,217,000.
Allotment and refunds will be effected no later than 14 October 2009 through the receiving banks.
Electronic methods of subscription were heavily favoured during the IPO, with approximately 84% of applications being received through ATMs, the internet and telephone banking.
Riyad Capital thanked financial advisors, Morgan Stanley, and receiving banks, Saudi Fransi, SABB, Riyad Bank for their role in ensuring a smooth and successful IPO.