Riyadh – Mubasher: Al Razi Medical Company set the price of its initial public offering (IPO) on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) at SAR 28 per share.
The Saudi firm plans to float 304,000 ordinary shares, representing 20% of its total shares, according to a bourse disclosure.
TeamOne Financial Company, the financial advisor for the IPO, indicated that the offering was oversubscribed by 2,320%.
The allocation of shares to institutional and individual qualified investors has been completed. In case of a refund, the process will be implemented by 12 June as mentioned in the prospectus.
It is worth noting that the price range for the Nomu offering was settled at SAR 24-28 per share.
Meanwhile, TeamOne Financial will announce the date for listing Al Razi Medical’s shares on Nomu after fulfilling the required procedures with Tadawul.
