Quara Finance Company recently celebrated a significant milestone with the completion of its initial public offering (IPO), offering 2.65 million shares on the Nomu-Parallel Market, a part of the Saudi Exchange (Tadawul). The offering attracted considerable interest, with shares priced at SAR 15 each for qualified investors.
The enthusiasm for Quara Finance’s shares was evident as the offering’s coverage rate soared to 218%. Investors were allocated a minimum of 10 shares each, with the additional shares distributed on a proportional basis, as detailed in a stock market announcement.
With the IPO, Quara Finance has successfully placed 8.83% of its total shares on the market. Riyad Capital served as the financial advisor and lead manager for this financial venture.
Investors are expected to receive any refunds from the process by the 18th of February, 2024 at the latest.
Earlier in the month, the finance company had set the IPO price range between SAR 13 and SAR 15 per share, indicating a strong investor appetite reflected in the final offering price.