After the close of the subscription period, the CEO of Al Rajhi Capital Co., Marcus Andrade, has announced the initial IPO subscription results for the Buruj Insurance.
Al Rajhi Capital is the Lead Manager for the IPO.
The IPO has resulted in SAR 595 million of subscriptions with the number of subscribers reaching 1,102,504 . The offer has been subscribed by 1140%. The IPO was launched on Saturday 3 October.
Andrade expressed his appreciation to all those who had participated in making the IPO a success. In addition he said the IPO occurred with ease. This was underlined by the positive turnout of the subscribers as well as the fact that 90% of subscriptions were via Electronic Channels.
The last day of the Offer was Friday 9 October. The announcement of allocation and refunding will occur no later than Wednesday 14 October.