The catering unit of Saudi Arabian Airlines SAUD.UL is seeking to raise 1.3 billion riyals ($350 million) by floating 30 percent of its shares, the prospectus showed as the initial public offer opened to retail investors on Monday.
The sale of shares in Saudi Airlines Catering Co has been keenly awaited by investors as the company will be the first part of the Saudi flag carrier, one of the kingdom's largest state-owned entities, to be listed on the stock market.
The company is offering a total of 24.6 million shares. Institutional investors subscribed to 50 percent of them, leaving retail investors to subscribe to the other half between June 18 and 24 at a price of 54 riyals per share, which was determined by a book-building process.
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