Saudi Ground Services IPO 108% oversubscribed by fifth day

Saudi Ground Services Co’s initial public offering was 108.4 percent oversubscribed on Sunday, as retail investors subscribed to 24.45 million by the fifth day of the process, according to HSBC, the underwriter and manager of the IPO.

So far, as many as 935,000 investors have paid SAR 1.22 billion, or SAR 50 a share, in the offering, which will end June 9.

SGS has allocated 22.56 million shares to retail investors.

SGS IPO