2005 News Story

National Company for Cooperative Insurance IPO oversubscribed by 11.5 times

The Initial Public Offering (IPO) of Saudi Arabia's largest insurance company was oversubscribed 11.5 times, Finance Minister Dr. Ibrahim Al-Assaf said yesterday. 


The state-owned National Company for Cooperative Insurance (NCCI) offered 70 percent of its shares over a two-week period from December 21 at SR205 (U.S. $54.70) each.  A preliminary result of the subscription, which was valued at SR1.435 billion ($410 million), has reached SR16.566 billion ($4.4 billion), Dr. Al-Assaf said in a statement.  The IPO was "oversubscribed 11.5 times and the number of subscribers reached 807,583" Saudi nationals, he said. "The excess (subscription) money will be returned to investors through banks," he added.