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Saudi- NCB IPO fetches record SR311bn
(MENAFN- Arab News) The initial public offering (IPO) of the National Commercial Bank (NCB) was 2307 percent covered by the end of Sunday the last day according to the financial advisers and lead managers GIB Capital and HSBC Saudi Arabia.
About 1.26 million investors bought shares at a total value of record SR311 billion.
The subscription to the shares allotted to investors began on Oct. 19 which ended on Sunday. Saudi retail investors started subscribing to 300 million shares representing 15 percent of the bank's capital. The total number of shares offered is 500 million representing 25 percent of the capital.
At the offer price NCB will be the fourth largest stock on the Saudi exchange and the second-biggest bank by market value.
Al-Rajhi is the current largest listed bank with a market capitalization of $28.59 billion. HSBC Saudi Arabia and GIB Capital the investment banking arm of Gulf International Bank are arranging the IPO.
About 1.26 million investors bought shares at a total value of record SR311 billion.
The subscription to the shares allotted to investors began on Oct. 19 which ended on Sunday. Saudi retail investors started subscribing to 300 million shares representing 15 percent of the bank's capital. The total number of shares offered is 500 million representing 25 percent of the capital.
At the offer price NCB will be the fourth largest stock on the Saudi exchange and the second-biggest bank by market value.
Al-Rajhi is the current largest listed bank with a market capitalization of $28.59 billion. HSBC Saudi Arabia and GIB Capital the investment banking arm of Gulf International Bank are arranging the IPO.
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