Saudi Bank to Raise $6 Billion in World's Second-Biggest IPO of Year - Bloomberg

Saudi Bank to Raise $6 Billion in World's Second-Biggest IPO of Year - Bloomberg:



"National Commercial Bank, the largest bank in Saudi Arabia, will raise 22.5 billion riyals ($6 billion) in its initial public offering starting this month.



The bank will sell 500 million shares at 45 riyals apiece, according to a statement on the Saudi Stock Exchange’s website. Subscription for the IPO will take place between Oct. 19 and Nov. 2, with 300 million shares allocated to Saudi individual investors and the rest to the country’s Public Pension Agency.



The share sale will be the second biggest of the year globally, trailing only Chinese e-commerce business Alibaba’s $25 billion IPO last month and ahead of Japan Display’s $3.1 billion March IPO, according to data compiled by Bloomberg. It will also be the largest ever in the Middle East, surpassing the $5 billion raised by DP World in 2007, according to the data."



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