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SACO’s IPO 442% over-subscribed in 6 days

SACO’s IPO 442% over-subscribed in 6 days
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Riyadh-Mubasher: The initial public offering of SACO, a Saudi hardware retailing and wholesaling business, saw subscription to 12,740,160 shares by 780,717 investors till the close of the sixth day, announced HSBC Saudi Arabia, the share offering’s financial advisor, lead manager and underwriter.

Accordingly, the IPO was covered by 315% 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 635.7 million on the fifth day.

The IPO will run till 28 April.