Arab Sea’s IPO 249% oversubscribed

15/02/2017 Argaam

Arab Sea Information Systems Co.’s initial public offering (IPO) on the Nomu Parallel Market was 249 percent oversubscribed at SAR 11 per share, said KSB Capital, the financial advisor for the offering.

 

The company launched the IPO on Feb.5 – Feb. 14 to sell 2 million shares, or 20 percent of its capital, on the new parallel market.

 

Arab Sea is set to debut on the Parallel market on Feb. 26.

 

The Riyadh-based company, which was launched in 1980, creates computer programs for commercial and governmental organizations and provides network solutions and information systems.

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