The CEO of Al Rajhi Capital Co., Marcus Andrade, has announced the latest subscription results for Buruj Insurance. Al Rajhi Capital is the Lead Manager for the IPO. The IPO was launched on Saturday 03 October 2009.
In its first day, the IPO achieved a subscription of 107%. In the first two days, the IPO resulted in SAR 147,809,500 of subscriptions with the number of subscribers reaching 271,259. The IPO offer has been covered by 284% of total shares.
Andrade also pointed out that the percentage of subscriptions via electronic channels was 94% of the total applications.
Andrade expressed his appreciation for the trust that Buruj Insurance put in appointing Al Rajhi Capital as Lead Manager for its IPO.
© 2009 Mena Report (www.menareport.com)
