Saudi Arabian perfumer Al Majed for Oud Company has finalised the price for its initial public offering (IPO) at SAR 94 ($25.05).

Last week, the company set the price range between SAR 90 and SAR 94 per share.

The company successfully closed its institutional book-building, which was oversubscribed 156.5 times.

The retail subscription period will last one day, commencing on September 15. The final allocation will take place on September 19.

The listing date on the Tadawul main market has not been finalised.

BSF Capital is the IPO’s financial advisor, lead manager, bookrunner and underwriter.

(Editing by Seban Scaria seban.scaria@lseg.com)