The Saudi Capital Market Authority (CMA) has approved the final allocation of Mohammad Al-Mojil Group (MMG) shares, HSBC Saudi Arabia Limited, the financial advisor and lead manager for its recently concluded initial public offering (IPO), said on Saturday. As per the allocation mechanism approved by the CMA, retail investors will receive a minimum of seven shares per applicant. The final IPO subscription figures show approximately 2.8 million subscribers applied for shares in the retail tranche of the IPO, with proceeds reaching SR2.9 billion. Subscription of approved intuitional investors amounted to SR 4.1 billion. In total, proceeds from the two tranches of the IPO reached SR 6.924 billion, covering 330 percent of the entire IPO. Excess funds will be returned to subscribers on Sunday (today). The CMA has approved the final allocation of the company's shares, with the specified allocations of 21 million shares for applicants. __
