National Commercial Bank ’s IPO is 1,598 percent oversubscribed, SAR 216 billion collected

The initial public offering (IPO) of Saudi Arabia’s biggest lender, the National Commercial Bank (NCB) was 1,598 percent oversubscribed as of 8 pm of the last day of the IPO, with 1.17 million individual investors buying SAR 216 billion worth of shares, according to the the financial advisers GIB Capital and HSBC Saudi Arabia.

Saudi retail investors were invited to buy up to 300 million shares at SAR 45 a share in the biggest IPO in the Middle East which takes place between Oct 19 to Nov 2, according to Argaam.