After the close of the subscription period, the CEO of Al Rajhi Capital Co., Marcus Andrade, has announced the initial IPO subscription results for the Buruj Insurance. Al Rajhi Capital is the lead manager for the IPO. The IPO has resulted in SR595 million of subscriptions with the number of subscribers reaching 1,102,504. The offer has been subscribed by 1,140 percent. The IPO was launched on Oct. 3. Andrade expressed his appreciation to all those who had participated in making the IPO a success. In addition he said the IPO occurred with ease. This was underlined by the positive turnout of the subscribers as well as the fact that 90 percent of subscriptions were via electronic channels. The last day of the Offer was Oct. 9. The announcement of allocation and refunding will occur no later than Oct. 14.
