NCB announces plan to allocate IPO shares

The advisors to National Commercial Bank’s initial public offering said the allocation of shares will proceed as follows:

1. Individuals who subscribed to 2000 shares or less will be allocated the total request.
    
2. The remaining shareholding will be allocated proportionately.
    

The IPO managers, GIB Capital and HSBC Saudi Arabia, said final allocations will be announced by November 9, 2014.
 

The record-breaking IPO was oversubscribed by a whopping 2307 percent, with 1.26 million subscribers. Total subscriptions hit SAR 311 billion.

The bank floated 25 percent (500 million shares) of its capital on the IPO, of which 300 million shares were dedicated to individuals.