AL KHOBAR, SAUDI ARABIA – 25 November 2024 – United International Holding Company, the parent of United Company for Financial Services and Procco Financial Services W.L.L. one of the largest providers of Sharia-compliant consumer finance services in the Kingdom of Saudi Arabia (the “Kingdom“), today announces the successful completion of the book building process for Participating Parties and the Final Offer Price for the Company’s Initial Public Offering.
The Retail Investors’ subscription process, comprising of a maximum of 750,000 shares, representing 10% of the total Offering shares, commenced on Tuesday, 19/11/2024G and ended on Wednesday, 20/11/2024G. The subscription witnessed participation of 214,922 subscribers, indicating a coverage of 9.1 times, with a total demand of SAR 903,492,480 million (USD 240,931,328 million). Retail Investors will receive a minimum of 3 shares each, while the remaining shares will be allocated on a pro-rata basis for the remaining demand with an average allocation factor of around 1.6974% for each application from their subscribed shares.
The Final Offer Price for the Offering was set at SAR 132 riyals per share, implying a market capitalization of SAR 3.3 billion SAR (USD 880 million) at listing. The institutional book-building process ended with a subscription coverage of 132 times, with recorded orders of approximately SAR 131 billion (USD 35 billion). Based on the results of the retail subscription process, the shares allocated to Participating Parties will be reduced to 6,750,000 Shares, representing 90% of the total Offer Shares. Provided that this reduction is not applied to the Cornerstone Investors and that the final allocation to the Cornerstone Investors is 1,171,875 from the number of offer shares in all cases. Accordingly, 5,578,125 shares of the Offering Shares will be allocated to the Participating Parties excluding the Offer Shares allocated to the Cornerstone Investors and Individual Investors.
