Al-Khodari cuts retail IPO

Author: 
REUTERS
Publication Date: 
Wed, 2010-10-13 01:55

Al-Khodari and Sons Co. said the retail tranche — accounting for
half of its $163.2 million IPO — was 83-percent covered at the end of an Oct
4-10 subscription period, according to a statement late on Monday. Only 342,000
retail investors bought into the IPO, a pale figure compared to previous IPOs
attracting millions of Saudis. The contractor wanted to sell the equivalent of
30 percent of its capital or 12.75 million shares at SR48 riyals, a price that
was at the bottom of a SR48-SR51 offered range.

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