RIYADH: Advertising and promotions company The Arabian Contracting Services saw its initial public offering 1,480 percent oversubscribed, according to Argaam.
Retail investors started buying on October 26, subscribing to 1.5 million shares of the company, known as Al Arabia, at SR100 ($27) a share.
The company, which is partly owned by the Middle East Broadcasting Company, had originally set the price range for its initial public offering at SR90 to SR100 per share, according to a stock exchange filing last month.
A total of 650,000 retail investors subscribed to 1.5 million shares at a total value of SR2.223 billion.
GIB Capital acted as the financial advisor, leader manager, bookrunner, and underwriter for the offering.
