Managers: NCB’s IPO 22.3% subscribed on eighth day

Total subscriptions to NCB’s initial public offering reached 22.3 percent by the end of eighth day, amid fears of weak sentiment.

The bank floated 25 percent (500 million shares) of its capital on an IPO of which 300 million shares were dedicated to nationals.

By the end of business yesterday, total number of individual subscribers reached around 551,000 with total proceeds of approximately SAR 3.01 billion, said managers GIB Capital and HSBC Saudi Arabia.

A religious fatwa from a prestigious Saudi body deemed the IPO incompliant with Sharia, due to the bank’s mainstream conventional business-- an opinion that may evidently influence sentiment.

The IPO will close on November 2, 2014.

NCB’s IPO Status – Individuals Tranche
Value (SAR million)	Subscribers (Thousand)	Subscription (%)	Day
6.1% 166 824			October 19, 2014
6.1% 166 824			October 20, 2014
1380	266	10.2%	October 21, 2014
1880	355	13.9%	October 22, 2014
2290	432	18.0%	October 23, 2014
22.3% 551 3010			October 24, 2014
			October 25, 2014
			October 26, 2014

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