RIYADH: Institutional investors had fully subscribed to the Tadawul Group IPO in the Saudi Market within minutes of the subscription being launched, earlier in the evening of last Sunday, Nov. 21, banking sources told CNBC Arabia.
The strong investor demand would push the offering pricing towards the maximum price range, which means that the company is on track to raise about $1 billion from offering a 30 percent stake in the Saudi stock market (Tadawul), the sources said.
Institutions' subscription to the offering began earlier this week and will continue until next Friday, Nov. 26, and then the subscription will be opened for individuals.
The sources added that pricing the offering at the maximum will classify Tadawul as one of the largest offerings of its class at all in the globe.
Tadawul has set the price range for its IPO between SR95 ($25.3) and SR105 per share.
