The individual subscription in Naqi Water Company was covered 13.5 times, with a minimum allocated of two shares per subscriber

Al Jazeera Financial Markets Company ‘Al Jazeera Capital,’ in its capacity as a financial advisor, subscription manager, and underwriter for the initial public offering (IPO) of Naqi Water Company ‘Naqi,’ announced today, Wednesday, the completion of the offering process for the individual tranche.

In a statement on ‘Tadawul,’ it was clarified that a minimum of two shares were allocated to each individual subscriber included in the subscription request, and the individual subscription was covered 13.5 times, with a total value of requests reaching 560.1 million Saudi riyals.

The remaining shares were allocated proportionally based on each subscriber’s request to the total remaining shares available for subscription, at a proportional allocation rate of 1.79571%. Fractional shares were aggregated and allocated in a descending order starting from the highest requests at one share per request until fully exhausted.

‘Naqi’ offered 6 million shares, representing 30% of the company’s capital, with 90% of the shares allocated to the institutional tranche and 10% to the individual tranche.

The subscription period for the individual tranche started on Wednesday, July 27, 2022, and ended on Thursday, July 28, 2022. All shares allocated for this tranche were subscribed to.