Total subscriptions to NCB’s initial public offering reached 10.2 percent yesterday, amid expectations the issue may face weak sentiment.
The bank floated 25 percent (500 million shares) of its capital in an IPO as of Sunday of which 300 million shares were dedicated to nationals.
By the end of business yesterday, total number of individual subscribers reached around 266,000 with total proceeds of approximately SAR 1.38 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 sentiments.
The IPO will close on November 2, 2014.
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NCB’s IPO Status – Individuals Tranche |
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|
Value (SAR million) |
Subscribers (Thousand) |
Subscription (%) |
Day |
|
6.1% 166 824 |
October 19, 2014 |
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|
October 20, 2014 |
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|
1380 |
266 |
10.2% |
October 21, 2014 |
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