Arab Today, arab today high demand for l’azurde shares from major investors
Last Updated : GMT 12:45:25
Arab Today, arab today
Arab Today, arab today

High demand for L’azurde shares from major investors

Arab Today, arab today

Arab Today, arab today High demand for L’azurde shares from major investors

High demand for L’azurde shares from major investors
Jeddah - Arab Today

Waleed Khaled Al-Fatani, CEO of Saudi Fransi Capital, the financial adviser, lead manager, bookrunner and sole underwriter for L’azurde Company for Jewelry (L’azurde), stated that L’azurde’s retail tranche offering was successfully completed on June 13. 
The retail tranche was oversubscribed by 2.9 times at a price of SR37 per share
This was achieved by way of 385.4 thousand subscribers, who invested SR419.7 million (i.e. 11.3 million shares). 
Retail investors participated in the offering through electronic channels and branches of the receiving banks, which constituted 93.8 percent and 6.3 percent of the total subscribers, respectively. 
Given the retail participation levels, and the prospectus allocation guidelines, 3.87 million shares have been offered to the retail tranche and represents 30 percent of the total offer shares. 
The remaining 70 percent of the offer shares have been subscribed and allocated to institutional investors, through mutual funds at 8.1 million shares (i.e. 63 percent) and other institutional investors 0.9 million shares (i.e. 7 percent). 
In regard to the retail allocation, each individual subscriber will receive a guaranteed minimum of 10 shares each. 
Al-Fatani Al-Fatani expressed his thanks and gratitude to the Capital Market Authority and the receiving banks on their efforts put forth in attaining the success of the offering.
Al-Fatani extended his thanks to L’azurde for entrusting Saudi Fransi Capital to manage the IPO process, noting it was completed successfully due to the high level of subscribers’ awareness and the collaboration and cooperation of all parties involved.
Al-Fatani noted that the receiving banks will commit to finalize the refund of excess monies, at the latest, by June 20. 
This will be ahead of L’azurde listing, once it fulfils all the related requirements and procedures, which the date will be announced on Tadawul’s website.
Mohammed Al-Shroogi, chairman of L’azurde and Co-CEO of Investcorp, said: “We are thrilled that L’azurde’s IPO has been so successfully received by both institutional and retail investors.” 
The chairman said: “During the past month, it became evident that among the investor community there is widespread understanding of the strength of L’azurde’s business, and the future potential for further growth and development. As we approach the final stage in L’azurde’s transition to a listed business on the Tadawul, we thank everyone who has contributed to reaching this historic milestone for the company.” 
Selim Chidiac, CEO of L’azurde, said: “Following the high demand for L’azurde shares from institutional investors, it is clear that Saudi Arabia’s retail investors are similarly motivated to obtain a stake in the company’s future.”
Chidiac said: “L’azurde is a prime example of a modern, dynamic and international business, providing a quality product through its state?of?the?art manufacturing capabilities, retail distribution and by highly-skilled employees. This strong platform, and potential for future growth, has been welcomed by investors across Saudi Arabia. Once again, may we express our gratitude to the CMA and Tadawul for their constant support over the previous months.”
L’azurde is owned by a consortium of private equity firms comprising Investcorp, Eastgate Capital and The National Investor alongside the Al-Othaim family. 
The current shareholders will hold 70 percent of the shares of L’azurde at listing.

Source: Arab News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today high demand for l’azurde shares from major investors Arab Today, arab today high demand for l’azurde shares from major investors

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 13:40 2017 Thursday ,23 February

Muscat Securities Market loses 17 points

GMT 13:18 2017 Thursday ,23 February

Bahrain Bourse daily trading report

GMT 05:51 2017 Thursday ,23 February

Saudi stocks edge up as Brent futures rebound

GMT 20:48 2017 Wednesday ,22 February

Dividend announcements drive Muscat bourse

GMT 16:56 2017 Wednesday ,22 February

Global gold prices drop

GMT 16:01 2017 Wednesday ,22 February

Tadawul edges down 0.2%

GMT 13:22 2017 Wednesday ,22 February

Canadian stock market closes at record high

GMT 11:50 2017 Wednesday ,22 February

Most Asia markets up as Hong Kong rebounds
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday