Saudi Ground Services IPO 172% oversubscribed by day 6

Saudi Ground Services Co.’s (SGS) initial public offering (IPO) was 172.2 percent oversubscribed, as retail investors bought 38.84 million shares by the sixth day, according to HSBC, the underwriter and manager of the offering.

As many as 1.26 million subscribers were accounted for by end-of-day Monday, while SAR 1.94 billion was invested into shares at SAR 50 each.

The first phase for retail investors began on June 3, and ends today. SGS allocated 22.56 million shares to retail investors. The remaining 60 percent of shares will be available to institutional investors and funds. 

The aviation ground handler is offering 30 percent of the company’s total shares, or 56.4 million shares.

When completed, SGS will mark Tadawul’s third listing this year.

SGS IPO