"With the successful close of the book building phase, a total of 5.25 million shares representing 50 percent of the offered shares will now be open for subscription to the retail investors from April 26 to May 2," an official statement said.
The retail investors will be able to subscribe for the IPO through the following receiving entities: Jadwa Investment, National Commercial Bank (NCB), Al-Rajhi Bank, Samba Financial Group, Riyad Bank, Bank AlJazira, Falcom, Al-Dukheil Financial Group, Shuaa Capital and EFG Hermes.
"The book building process was open to all mutual funds and authorized investment companies regulated by the Capital Market Authority (CMA) and these institutions were offered up to 10.5 million shares representing 100 percent of the total offering," the statement said. The management of Shaker Group hosted a road show (organized by Jadwa) in Riyadh on April 13 following which the book building started on April 17, and final bids were accepted until April 21.
"Institutional demand for the IPO was very strong all week long and Jadwa closed the book on Wednesday with the institutional tranche oversubscribed by 2.71 times," the statement said. A total of 64 mutual funds and investment companies participated in the book building and the bids were well distributed amongst all participating institutions.
