The first tranche of Al-Hammadi Development and Investment’s initial public offering was heavily subscribed by over 1000 percent, arranger Samba Capital said.

IPO price per share was set at SAR 28, including 18-riyal premium.

Mutual funds subscribing by 180 percent to the first tranche of the 22.5-million-share offering, CMA-licensed investors by 410 percent, and Tadawul-listed firms by 500 percent.

The second tranche will open to individual investors as of Wednesday June 11, in which they can buy up to 50 percent of total IPO volume.

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