With one day left before the close of the offer period ,the CEO of Al Rajhi Financial Services Co. (ARFS), Marcus Andrade, has announced the IPO subscription results for Al Rajhi Co. for Cooperative Insurance (ARCCI).
ARFS is the Lead Manager & Underwriter for the IPO.
The IPO, which was launched on Saturday 18 April, has resulted in SAR 448,225,500 of subscriptions with the number of subscribers reaching 743,288. The offer has been oversubscribed by 747 %.
Andrade reiterated that the IPO subscriptions’ process for the company was successful on all counts supported by the highest levels of cooperation from all parties concerned. In total, 89% of subscriptions were made via electronic channels.
The offer ended on Monday 27 April whilst the announcement of allocation and refunding will occur no later than Saturday 2 May.
BMG Financial Group (BMG) is the Financial Advisor for the IPO. The CEO of BMG, Basil Bin Mohammed Khair AlGhalayini commented that the subscriptions in the ARCCI shares had succeeded beyond all expectations with God’s Grace. AlGhalayini conveyed his gratitude to all those who participated in the success of this IPO. AlGhalayini also underlined his appreciation of the ARCCI Executive Management for choosing BMG, whilst wishing them ongoing success & collaboration in the future.