NCB IPO 50.3% subscribed at 11th day end

30/10/2014 06:00 AST

The initial public offering (IPO) of the National Commercial Bank (NCB) was 50.3 percent covered by the end of the 11th day, according to the financial advisers and lead managers GIB Capital and HSBC Saudi Arabia.

About 757,000 investors bought shares at a total value of SR6.79 billion.

The subscription to the shares allotted to investors began on Oct. 19. The offering is scheduled to run for 15 days until the end of Nov. 2.

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.


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