RIYADH: Almunajem Foods Co. successfully completed the offering to individual investors, with 11.9 times oversubscription, according to a bourse filing on Tuesday. Total amount of retail subscriptions reached SR1.3 billion ($346,5 million), HSBC Saudi Arabia, the IPO Lead Manager said in a statement on Tadawul. Each individual subscriber will receive a minimum of four shares, while the remaining shares will be allocated on a pro-rata basis based on demand size to the remaining demand with an allocation factor of 0.3793 percent. The company offered 18 million shares, representing 30 percent of the company’s capital, which was allocated 90 percent to institutional investors and 10 percent to individual investors, at a final offer price of SR60 ($16) per share. The subscription period for individual investors tranche started on Dec. 5 and ended on Dec. 6.