Al Alamiya’s IPO oversubscribed by 7times

Published October 19th, 2009 - 03:44 GMT
Al Alamiya Cooperative Insurance Company, a Saudi joint stock company under formation, has announced that at the end of the subscription period, its IPO was oversubscribed by 748.70%, with 851,103 subscribers corresponding to SAR 449,217,000 capital.
Al Alamiya offered a total of six million shares, representing 30% of the company’s capital. The shares were priced at SR 10 each. 
Al Alamiya kept its window for the subscription period open for a period of seven days. The IPO was assisted by Morgan Stanley, who acted as the Financial Advisors, and Riyad Capital, who acted as Lead Manager and Sole Underwriter in relation to the offering.
Mark Cooper, proposed Managing Director of Al Alamiya, said, “We are pleased to welcome all of our new investors to Al Alamiya. Backed by 30 years of local knowledge and experience, coupled with International expertise, we are confident of building a strong operating model to ultimately create value to our investors. The IPO has been incredibly successful and we are extremely proud of the outcome.”
“We would like to take this opportunity to extend our sincere thanks and gratitude to the Saudi Arabian Authorities for their support throughout the process. We would also like to thank our partners, particularly Morgan Stanley and Riyad Capital, who have played an integral part in our IPO journey and have been with us throughout the process to ensure successful completion.” , added Cooper.

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