The initial public offering (IPO) held by Saudi Company for Hardware (SACO) was 191 percent oversubscribed by the end of its fourth day, according to HSBC Saudi Arabia, the lead manager and underwriter for the process.

 

Retail investors subscribed to 5.51 million shares by end of the fourth day raising an amount of SAR 386 million.

 

The company is offering a total of 7.2 million shares, of which 2.88 million shares are allocated to retail investors at SAR 70 per share from April 22 to April 28, according to data available on Argaam.

 

SACO’s IPO

Funds raised (SAR mln)

No. of subscribers (thousand)

Subscription ratio

Day

88.2

70.9

44.0%

April 22, 2015

256.2

210.6

127.0%

April 23, 2015

307.5

239.3

153.0%

April 24, 2015

386.0

317.1

191.0%

April 25, 2015

 

ipo

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