Adeeb Abdulrahman Al-Sowailim, CEO of FALCOM Financial Services — the lead manager and book runner — stated that FALCOM has successfully completed the book building process for FARM Superstores’ IPO. During the book building process, the offered shares were covered 9.98 times at SR36.

The coverage ratio for the institutional investors is: CMA authorized persons 443 percent, public companies listed on Saudi Stock Exchange 370 percent and investment funds 185 percent, with a total coverage of 998 percent.

Al-Sowailim stated that institutions and investment funds subscribed to the entire offered shares of 7,500,000 during the first stage.

He added that with the successful closing of the first stage, 3,750,000 shares representing 50 percent of the total offered shares in FARM Superstores will now be offered to retail investors at SR36 during the second stage from Wednesday (Jan. 22) to Jan. 28.

Al-Sowailim said the success enjoyed by FARM Superstores’ IPO was a result of its strong brand image and recognition in the market, strong financial results and its expansion plans for the coming years.

Al-Sowailim thanked the team at CMA for their efforts, professionalism and contribution to the success of the IPO, the first for 2014.

The final prospectus with the offering price of SR36 will be available to the public at all branches of the receiving entities.