RIYADH: Nayifat Finance Co. (NFC) completed the institutional book-building process for its planned IPO, according to a bourse filing.
Coverage was 136 times of total offered shares, while the final offer price was set at SR34 ($9) per share, HSBC Saudi Arabia announced on Saudi Stock Exchange (Tadawul).
Nayifat announced earlier it plans to offer 35 million shares for IPO, representing 35 percent of the company’s shares.
The period of retail subscription will run from November 7-8, 2021.
HSBC Saudi Arabia is the financial advisor, lead manager, lead underwriter and lead bookrunner of the IPO, along with GIB Capital and Saudi Fransi Capital – the joint bookrunners and co-underwriters.