Saudi Bindawood prices IPO at top end, with $29 billion in bids
Published 07 Oct,2020 via Bloomberg Markets - Saudi Arabia’s BinDawood Holding Co. is set to sell shares at the top of the price range for its initial public offering following a short delay to allow investors to amend their orders in light of previously undisclosed third-party loans.
The offer was priced at 96 riyals ($25.59) a share, the company said on Wednesday. BinDawood is set to raise about 2.19 billion riyals from the listing and will be valued at just under 11 billion riyals.
The listing was about 49 times oversubscribed, generating orders worth 106.9 billion riyals. This indicates investors were unfazed by the delay and the disclosure of 284 million riyals of related-party transactions midway through the bookbuilding.
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Matthew Martin