The Saudi Tadawul Group announced on Tuesday that the individual subscription of shares in its initial public offering (IPO) would be raised from10 percent to 30 percent. On Monday, it announced that institutional subscription would cover 90 percent of shares while individual subscription would cover 10 percent shares that are set aside for IPO. The plan is to offer 36 million ordinary shares, which represent 30 percent of the company’s capital of 120 million shares. As per the new decision, the number of shares that will be offered for individuals will be increased from 3.6 million to 10.8 million shares. The group has obtained the approval of the Capital Market Authority (CMA) to amend the initial prospectus and the structure of the offering through a supplementary prospectus. The company had secured earlier the approval of the Saudi Stock Exchange (Tadawul) to request the listing of its shares on the main market on September 21, and obtained the CMA approval on its request to offer 36 million ordinary shares representing 30 percent of the company’s shares for public subscription on Nov. 3. The final offer price will be determined for all subscribers after the end of the booking period. The Public Investment Fund represents the major shareholder in the company, as it owns all of its issued shares. The fund will own 70 percent of the company’s shares after the offering, and therefore it will retain the controlling stake in the company. The proceeds of the subscription will be distributed after deducting the subscription costs, which are estimated at SR80 million, to the selling shareholder, and the company will not receive any part of the proceeds of the subscription. The minimum number of shares that can be subscribed for each category of institutions is 100,000 shares.