SMC retail IPO 1.5x covered; 10 share/subscriber
Specialized Medical Co. (SMC) successfully completed of its retail subscription for listing on the Main Market (TASI), SNB Capital said in a statement to Tadawul.
SNB Capital and EFG Hermes KSA are the lead manager, financial advisor, bookrunner, and underwriter for the potential initial public offering (IPO).
As many as 317,820 retail investors subscribed to the offering at a final price of SAR 25 per share, with total retail requests of nearly SAR 542.2 million. The IPO was 1.45x covered.
Individual investors will receive a minimum of 10 shares each, while rump shares will be allocated on a pro-rata basis based on the size of each individual investor's request compared to the total remaining subscribed shares, at an average allocation factor of 63.9%.
According to data compiled by Argaam, retail investors subscribed during June 15-16, to 15 million shares of SMC at SAR 25 per share, which was determined through the book-building process.
SMC offered 75 million shares, representing 30% of the company's SAR 250 million capital divided into 250 million shares at SAR 1 each, on the Main Market (TASI).
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