FALCOM Financial Services, the lead manager, book runner, and underwriter to FARM Superstores’ ongoing IPO, announced that the retail tranche of the IPO had covered 230 percent by the end of fourth day of the retail subscription period.

Adeeb Abdulrahman Al-Sowailim, CEO of FALCOM Financial Services, said 3,750,000 shares in FARM Superstores, representing 50 percent of the offered shares in the company, are being offered to retail subscribers at SR36 per share.

He added that the retail subscription period, that began on Wednesday ( Jan. 22) and ends on Tuesday (Jan. 28) had received excellent response from retail investors.

He attributed the good retail response to strong brandname and financial performances, and expansion plans pursued by the company.

Global Experts for Islamic Auditing and Consultations Ltd. (GEIAC), headed by Mohammed Ali Alqari, on Dec. 31, issued a Shariah-compliance certificate allowing the subscription in FARM Superstores’ IPO.