PIF-backed utility firm Marafiq’s IPO oversubscribed by 59% on strong demand 

RIYADH: Saudi utility firm Marafiq’s initial public offering has seen strong demand, recording 59 percent oversubscription in the book-building period.

With a share price of SR46 ($12), the subscription period took place for five days starting Oct. 9, the financial advisor of the offer, HSBC Saudi Arabia, and Riyad Capital, said in a filing.

The Individual Investors tranche subscription period begins on Oct. 26 and ends on Oct. 30, with an allocation of 21.9 million offer shares, or 30 percent of the total amount of offer shares.

Formally known as Power and Utility Co. for Jubail and Yanbu, the Public Investment Fund-backed company provides integrated utility services to all sectors in the industrial cities of the Kingdom.