Image: UCIC
United Carton Industries Company (UCIC), the Middle East and North Africa’s largest corrugated carton manufacturer, announced the successful completion of its retail subscription period, with the tranche oversubscribed 8.91 times and participation from 396,601 individual investors.
The retail offering, comprising up to 2.4 million shares or 20 per cent of the total 12 million shares on offer, concluded on May 13.
The company said the total demand reached SAR1.069bn (approx. $285m).
United Carton Industries IPO: Offer price set at SAR50 per share
Each subscriber will receive a minimum of six shares, with the remaining shares allocated on a pro-rata basis.
The average allocation factor for additional shares was 0.107 per cent.
The final offer price was set at SAR50 per share — the top of the previously announced price range — implying a market capitalisation of SAR2bn ($533m) at the time of listing.
The 12 million shares represent 30 per cent of UCIC’s total issued share capital. The offering marks a significant step for the company as it looks to expand its profile in the regional capital markets.
Read: 54 IPOs raised $12.6bn in 2024 in MENA region, shows report
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