Saudi Regulator Clears Share Sale of Largest Lender NCB - Bloomberg:
"Saudi Arabia’s market regulator has approved the initial public offering of National Commercial Bank, the country’s largest lender by assets.
The Capital Market Authority said the share sale would take place between Oct. 19 to Nov. 2, according to a statement on its website issued today. The bank will sell 500 million shares, representing 25 percent of its capital, with 15 percent allocated to Saudi individual investors, the CMA said. The rest of the shares will be sold to the Public Pension Agency.
The IPO could raise about 16 billion riyals ($4.3 billion), according to Riyad Capital. That would make it rank as the second-largest IPO completed this year behind Chinese e-commerce business Alibaba Group Holding Ltd., which raised $21.8 billion this month, according to data compiled by Bloomberg. NCB, as the bank is known, is the only unlisted lender among the 12 domestic banks operating in the kingdom."
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