Home appliance distributor Amwaj’s shares 976% oversubscribed amid $12m IPO

RIYADH: Amwaj International Co.’s initial public offering has seen strong demand from investors, recording 976 percent oversubscription in the book-building period.

With a share price of SR72 ($19.2), the subscription period took place for four days starting May 22, the financial advisor of the offer, Marifa Capital, said in a filing.  

Marifa Capital said the final listing date will be announced later.

Riyadh-based Amwaj is seeking to raise SR43.2 million by floating 600,000 shares, or a 10 percent stake, on Saudi Arabia’s parallel Nomu market.