Saudi Ground Services IPO 339% oversubscribed

Saudi Ground Services Company’s initial public offering was 339 percent oversubscribed by the end of the process with as many 1.86 million investors subscribed and SAR 3.8 billion raised, according to HSBC, the underwriter and manager of the IPO.

During the initial offering that took place from June 3-9, retail investors subscribed to 22.56 million shares at SAR 50 a share.

After the share allocation, remaining funds will be paid back to investors by June 16.

SGS IPO