Nayifat IPO 136x covered, final offer price set at SAR 34/share

Logo of Nayifat Finance Co.

Nayifat Finance Co. (NFC) completed the institutional book-building process for its planned initial public offering (IPO).

Coverage was 136x of total offered shares, while the final offer price was set at SAR 34 per share, according to a bourse statement.

The announcement was made by HSBC Saudi Arabia – which is the financial advisor, lead manager, lead underwriter and lead bookrunner of the potential IPO – along with GIB Capital and Saudi Fransi Capital – the joint bookrunners and co-underwriters.

Nayifat plans to offer 35 million shares for IPO, representing 35% of the company's shares, Argaam earlier reported. The period of retail subscription will run from Nov. 7-8, 2021.

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