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RIYADH: Naqi Water Co.’s initial public offering has been priced at the top end of an indicated range, after generating strong demand from investors during the bidding period.
The bottled mineral water producer’s IPO price was set at SR69 ($18) per share with an oversubscription level of 30.3 times the offered shares, according to a bourse filing.
Saudi-based Naqi Water ran the book-building period for five days, as it plans to float a 30-percent stake, or 6 million shares, on the Kingdom’s main stock market.
Individual investors will be allowed a subscription of up to 600,000 shares, starting July 27 until July 28.