The initial public offering of the National Commercial Bank (NCB) was 18% covered at the end of the fifth day, said financial advisors and lead managers GIB Capital and HSBC Saudi Arabia. A total of 432 thousand investors bought shares at a total value of SAR 2.29 billion.
Subscription to the shares allocated to retail investors started on Sunday, Oct. 19. The offering will run for 15 days until Nov. 2. Saudi retail investors started subscribing to 300 million shares, representing 15% of the lender’s capital.
The total number of offered shares reaches 500 million, or 25% of capital.