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Saudi Steel Pipe share offering a big success
Date:2009-07-01 [ Back ]
Bahrain-based Gulf International Bank (GIB) has scored a major success in managing the $100 million plus initial public offering (IPO) launched by Saudi Steel Pipe Company (SSP). GIB Financial Services (GIBFS), a subsidiary of GIB, announced yesterday that as of close of business on Monday the retail tranche of the IPO had been covered by 150 per cent of the maximum offering. This constituted up to 7.65m shares, representing a maximum of 50pc of the offering to the public. Acting as financial adviser, lead manager and co-underwriter of the offer, GIBFS said that this was the first premium IPO in Saudi Arabia last month, after the brunt of the credit crisis, and it had been extremely successful, confirming the solidity of the Saudi economy, the confidence in SSP and the resilience of the Saudi market. Institutional investors had already covered the IPO by 120 per cent at the price of 25 Saudi riyals per share. The retail subscription period for the IPO started on Saturday and will continue until Friday.

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