Monday 30, July 2018 by Kudakwashe

Leejam Sports IPO successfully flouts IPO

 

Leejam’s subscription period is from 1 August to 7 August.

Saudi Arabia-based Leejam Sports, a sports and fitness business, will offer 30 per cent of its existing shares in a public offering (IPO) next month, according to Tadawul.

In statement, Samba Capital said that, the institutional book building process was successfully resulting in a subscription of 831 per cent of the total offered shares generated an order book of around SAR 6.8 billion, reported local daily, Saudi Gazette.

The subscription process attracted 606 per cent from public funds, private funds and discretionary portfolios, 77 per cent from non- Saudi Arabian investors as well as 147 per cent from government institutions, private companies, authorised persons and insurance companies.

The development is the latest and comes at a time when there is high expectation of public share sales in the kingdom, encouraged by a Government drive to attract foreign direct investment and diversify the economy away from a reliance on oil in line with Vision 2030.

The initial public off­ering will be for 15.7 million ordinary shares and the company will offer shares to both Saudi nationals and institutional investors.

  

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