The proceeds from the initial public offering (IPO) of Mohammad Al-Mojil Group (MMG) reached SR 6.591 billion at the close of the offering, HSBC Saudi Arabia Limited, its financial advisor and lead manager for the IPO, said on Tuesday. Commenting on the results, Fahad Al-Raqtan, managing director of MMG, said: “These results come as a testimony to the successful transformation of MMG into a joint stock company, whose shares will soon be listed on the Saudi Stock Exchange.” He added: “With the addition of this large number of new retail and institutional shareholders, MMG is looking forward to completing its mission of contributing to the Saudi economy, especially the industrial construction sector, by building on the trust its shareholders and employees have placed in it.” Osama As'ad, director of Investment Banking at HSBC Saudi Arabia Limited, said: “We have received subscriptions for 94.2 million shares in the retail and institutional tranches by the close of the IPO. Applications have been received from approximately 2.8 million subscribers in the retail tranche, with proceeds reaching SR 2.9 billion. “Approved intuitional investors have subscribed for 53.3 million shares, with proceeds amounting to SR3.7 billion. Total proceeds from the two tranches covered 314 percent of the entire IPO,” he said. “The final subscription data will be announced as scheduled on May 18, along with the details of allocation and refunds to all subscribers,” As'ad added. The 10-day IPO of MMG, Saudi Arabia's premier industrial construction and construction services company, closed on Monday. __
