SACO IPO 620% oversubscribed: HSBC

04/05/2015 Argaam
Saudi Company for Tools and Hardware (SACO) said its initial public offering finished off 620 percent oversubscribed with 1.08 million investors, according to HSBC Saudi Arabia, the underwriter and manager of the IPO.
 
The IPO manager allocated three shares to each individual investor, with 112 shares allocated to 42 investors. 
 
Audited results showed that investors paid SAR 1.25 billion, HSBC added. The remaining sums will be refunded to subscribers by May 5.
 
SACO allocated 2.88 million shares to retail investors at SAR 70 a share from April 22-28 in the second IPO on the Saudi market this year, according to Argaam.
 
IPO

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