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.