Total subscriptions to NCB’s initial public offering reached 13.9 percent by the end of fourth day, amid fears of weak sentiment.
The bank floated 25 percent (500 million shares) of its capital on 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 355,000 with total proceeds of approximately SAR 1.88 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.
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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 |
||
|
October 20, 2014 |
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|
1380 |
266 |
10.2% |
October 21, 2014 |
|
1880 |
355 |
13.9% |
October 22, 2014 |
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