IHC's private placement attracts over 1000 investors and 230% oversubscription
The company, one of the world's largest crane operators, is eligible to list on Boursa Kuwait’s premier market
Kuwait-based crane operator Integrated Holding Company has announced the closing of the private placement of 35% of the company’s capital, with over-subscription exceeding 230%. Led by Watani Investment Company (NBK Capital) as the lead manager, the private placement of around 76 million shares of Integrated Holding Company was undertaken at a price of 730 fils per share and raised more than 130 million dinars. The number of investors in the private placement exceeded 1,000, making the company eligible to list on Boursa Kuwait’s premier market. The listing of the company will provide an opportunity for investors to participate in one of the most promising sectors locally and globally.
Jassim Mustafa Boodai, chairman and CEO of Integrated Holding Company, said: “The Company achieved a net profit of KD 13.3 million in 2017 ie 60.5 fils per share, achieving a growth rate of 36%. We expect the company to achieve a net profit of at least 15.8 million dinars for the year 2018 with an annual growth of 19%, equivalent to 72 fils per share. We look forward to listing the company on Kuwait's premier market after Eid Al Fitr.”