ipo closed yesterday saudi morgan & stanley: al khaleej training and education's

ipo closed yesterday saudi morgan & stanley: al khaleej training and education's
IPO is covered by more than 455% During the first week of the offering, demand to the IPO of Al Khaleej Training and Education was huge. Saudi Morgan and Stanley, the IPO consultant and underwriter, announced that 958,417 subscribers have joined the IPO by the end of the seventh day of the offering, which was started at the beginning of the last week. Covering amount exceeded SR 907 million. Engineer Al Waleed Al Diraian, CEO of Al Khaleej Training and Education appreciated the huge demand to the IPO, mentioning the strong position that the Saudi economy enjoys, which has encouraged investors to join offerings and IPOs that were recently launched in the Saudi market. On other hand, Dr. Fahd Al Mubarak, Chairman of the Board of Directors and the Delegated Member of Saudi Morgan and Stanley, the financial consultant and underwriter of Al Khaleej's IPO announced that the huge demand to the IPO is an obvious indication of the strength of the Saudi stock market, taking into consideration that investors are aware of the importance of Al Khaleej and its future role in the field of education and training, which is seeing sustainable growth. As an indication of Al Khaleej prominent position is the high coverage rate which has exceeded 455%, of which 81% was generated from direct subscription channels, such as the Internet, telephone banking and ATMs. For the first time, 25 IPO applications were received through SMSs. Noteworthy is that Al Khaleej Training and Education has offered 30% of its capital, which equals 2.4 million shares, for initial public offering (IPO) in the Saudi capital market.