Khaled Al-Jawhar, managing director of Al-Jawhar Investment Company, said the last-minute skyrocketing of NCB’s IPO proceeds was due to large firms buying in under the guise of individuals.
The bank floated 25 percent (500 million shares) of its capital on an IPO of which 300 million shares were dedicated to individual investors.
The early days showed weak appetite, but by end of business yesterday, total proceeds shot up to SAR 64.91 billion-- 480.8 percent of offered value.
The IPO will close today.
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