The initial public offering (IPO) of the National Commercial Bank (NCB) was 210 percent covered by the end of the 12th day, according to the financial advisers and lead managers GIB Capital and HSBC Saudi Arabia.

About 857,000 investors bought shares at a total value of SR28.34 billion. The subscription to the shares allotted to investors began on Oct. 19. The offering is scheduled to run for 15 days until the end of Nov. 2.

Saudi retail investors started subscribing to 300 million shares, representing 15 percent of the bank’s capital.

The total number of shares offered is 500 million, representing 25 percent of the capital.

At the offer price, NCB will be the fourth largest stock on the Saudi exchange, and the second-biggest bank by market value.

Al-Rajhi is the current largest listed bank, with a market capitalization of $28.59 billion.

The IPO’s final result is expected some time next week.

The Tadawul All-Share Index closed 0.47 percent lower on Thursday. The Banking and Financial Services index was down 0.18 percent.