United Carton Industries Company (UCIC) wrapped up the retail portion of its IPO with strong demand, drawing in 396.6k individual subscribers with an oversubscription rate of 8.9x, according to a disclosure to Tadawul. The offering, which allocated up to 2.4 mn shares to retail investors (20% of total offer shares), generated SAR 1.1 bn in demand during the two-day subscription window that closed on 13 May.

ICYMI- UCIC is taking a 30% stake to the main market in a secondary offering, whereby selling shareholders will rake in all of the proceeds from the sale after deducting SAR 24 mn in offering-related expenses.

What’s next? Each retail investor is set to receive a minimum allocation of 6 shares, with the remaining distributed on a pro-rata basis. Shares were priced at SAR 50 apiece — the top of the announced range — giving the company a SAR 2 bn market cap (USD 533 mn) at listing.

ADVISORS- Al Rajhi Capital is quarterbacking the transaction as lead manager, financial advisor, bookrunner, and underwriter, with Stat Law Firm providing counsel. Meanwhile, Gibson, Dunn and Crutcher Law Firm is acting as counsel for Al Rajhi Capital.

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