RIYADH, 19 November 2006 — Al-Babtain Power & Telecommunication Company said yesterday that its 10-day initial public offering (IPO) collected over SR 955.4 million. The IPO is oversubscribed 2.95 times.
Over 2.2 million subscribers participated in the IPO, which opened on Nov. 4 and closed on Nov. 13. Some 70 percent of the amount has come through direct channels including ATMs, phone banking and Internet banking. The excess funds will be returned today.
“On behalf of the company I sincerely thank Saudi investors for their strong support to the IPO and our banking partners for their support as well. Investor response to the IPO is an indication of their trust in the company, its future growth potential and market leadership status,” Mohammad Al-Babtain, chairman, Al-Babtain Power & Telecommunication Company, said.
“We’re thankful to the Capital Market Authority (CMA) of Saudi Arabia, HSBC Saudi Arabia Limited, the financial adviser and lead manager for the IPO, and to SABB our sole underwriter.
