‘solutions by stc’ sets minimum of 2 shares per individual investor in IPO

DUBAI: ‘Solutions by stc’ has allocated a minimum of two shares per individual subscriber as it completes its initial public offering. 

The ‘stc’ unit earlier announced its intention to float on the Saudi bourse, offering 24 million shares or 20 percent of its capital.

According to a filing on Monday, remaining shares will be allocated on a pro rata basis at around 0.5776 percent on average, based on the size of each subscriber’s request compared to the total remaining subscribed shares. 

Around 1.04 million retail investors subscribed to 2.4 million shares at SR151 per share – an offering oversubscribed by 2,365 percent. 

The institutional offering was 13,0004 percent oversubscribed, raising SR471 billion.