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RIYADH: Naqi Water Co. will start trading its shares on Saudi Arabia’s stock market on Aug. 15, after attracting huge demand during the initial public offering, according to a bourse filing.
The Saudi-based water producer generated SR560 million ($150 million) worth of subscriptions as it offered 600,000 shares to retail subscribers.
Prior to that, the final offer price was set at the top end of an indicated range of SR69, following a strong bidding period.
Naqi Water will float a 30 percent stake, representing six million shares, on the Kingdom’s main stock index TASI.