Riyadh – Mubasher: Riyad Capital, the financial advisor, bookrunner and lead arranger for Al Yamamah Steel's initial public offering (IPO), said that the number of subscribed individuals has reached 445.590 subscribers by the end of 1 May, the fifth day of the IPO.

Total subscribed shares reached 11.19 million, representing 244.8% of total shares available for individuals, amounting to 4.57 million shares and representing 30% of the IPO's total number of shares, Riyad Capital said in a statement.

It added that the total number of shares in Al Yamamah Steel's IPO amount to 15.25 million shares, and represent 30% of the company's total capital.

Total subscriptions by individual investors reached SAR 403.08 million by the end of Sunday.

The IPO’s book building process will run from 27 April to 3 May 2016.