Total subscriptions to NCB’s initial public offering reached 10.2 percent yesterday, amid expectations the issue may face weak sentiment.


The bank floated 25 percent (500 million shares) of its capital in an IPO as of Sunday of which 300 million shares were dedicated to nationals.


By the end of business yesterday, total number of individual subscribers reached around 266,000 with total proceeds of approximately SAR 1.38 billion, said managers GIB Capital and HSBC Saudi Arabia.
 

A religious fatwa from a prestigious Saudi body deemed the IPO incompliant with Sharia, due to the bank’s mainstream conventional business-- an opinion that may evidently influence sentiments.

The IPO will close on November 2, 2014.
 

NCB’s IPO Status – Individuals Tranche

 

Value

(SAR million)

Subscribers

(Thousand)

Subscription

(%)

Day

           6.1%                              166                             824

October 19, 2014

October 20, 2014

1380

266

10.2%

October 21, 2014
 

 

 

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