Riyadh-Mubasher: The initial public offering of SACO, a Saudi hardware retailing and wholesaling business, saw subscription to 5.51 million shares by 317,140 investors until 6:00pm until its fourth day, said HSBC Saudi Arabia, the share offering’s financial advisor, lead manager and underwriter.

Accordingly, the IPO was covered by 191% out of the 2.88 million shares offered for public subscription, which in turn represent 40% of the 7.2 million shares floated by the company.

HSBC said proceeds from retail subscribers amounted to SAR 386 million on the fourth day.