Saudi bank NCB to start trading after $6 bln share sale
An NCB stock will be flexible to move a maximum of 10 percent up or down on the first day of trading
Saudi Arabia's National Commercial Bank will make its Riyadh bourse debut on Wednesday, a statement from the exchange said, having completed a $6 billion initial share sale last week.
The stock will be able to move a maximum of 10 percent up or down on its first day of trading, the statement said.
NCB's share sale, the largest ever initial public offering in the Arab world, drew massive local interest, with the retail portion of the offer 23 times subscribed.
This portion comprised 15 percent of the bank's stock. In addition, 10 percent of Saudi Arabia's biggest bank by assets was placed with the state-run Private Pension Agency.
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