Aljazira Capital, the lead manager for the initial public offering of AXA Cooperative Insurance Company, a Saudi joint stock company (under formation), announced on Saturday that the offering has been oversubscribed by over 267 percent as of Wednesday. At the end of day on Wednesday, 72,047 applications had been received from Saudi subscribers, with the total amount subscribed reaching SR213,840,000. Paul Adamson, proposed CEO, AXA Cooperative Insurance, said: “The extremely positive response to this Offering indicates the high level of investor confidence in the future success of AXA Cooperative Insurance. This gives AXA the opportunity to sell its full range of insurance products to the Saudi market. From individual insurance products like home, motor and travel to insurance products for businesses like marine, healthcare and workers compensation, AXA aims to become one of the leading international insurers in the Saudi market.” Priced at SR10 per share, the offering of 8 million shares was open to all Saudi nationals for subscription beginning on April 18 and closing on April 27. Divorced or widowed Saudi national women with children from a non-Saudi husband could also subscribe on behalf of their children. The minimum subscription was for 50 shares and the maximum 100,000 shares. Each subscriber would receive a minimum of 50 shares, with the remaining shares being allocated on a pro-rata basis based on the total number of shares applied for.
