Riyadh – Mubasher: Al Yamamah Steel's initial public offering (IPO) was covered by 153.48% by the fourth day, said Riyad Capital, the financial advisor, bookrunner and lead arranger.
Around 300.98 subscribers have requested to buy 7.01%, or 153.48% of the total floated shares, out of 4.57 million shares, or 30% of the flotation, offered for individuals, Riyad Capital said in a statement.
The process of book building will be running from April 27 to 3 May 2016.
Earlier, Al Yamamah was cleared Monday by Saudi market regulator to launch an initial public offering for 15.24 million shares, or 30% of capital, on Saudi Stock Exchange.
