KnowledgeNet IPO 141% covered

Logo of Knowledge Net Co.

Amwal Capital, as the financial advisor on the initial public offering (IPO) of KnowledgeNet Co. on Nomu-Parallel Market, announced the successful completion of the offering of the book-building process and the IPO of 700,000 ordinary shares, representing 20% of the total offering.

The coverage ratio stood at 141% at a price of SAR 40 per share, the price limit ceiling.

The advisor first allocated 100% of the shares required by the investment funds. The remaining shares were then allocated to other subscribers (individuals or institutions) on a pro rata based on the ratio of each subscriber’s request to the total shares available for allocation.

The surplus refund will be paid no later than Thursday, March 9, 2023.

The listing date on Nomu will be determined after completing the necessary procedures with the Saudi Exchange, the financial advisor added.

KnowledgeNet’s book-building process ran from Feb. 26 to March 2, where qualified investors’ subscribed to 700,000 shares, or 20% of capital, on Nomu, Argaam earlier reported.

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