Saturday, Dec 17, 2011
BEIRUT (Zawya Dow Jones)--The initial public offering of Saudi Arabia's United Electronics Co., or eXtra, was more than two times covered as overall subscription reached 851.1 million Saudi riyals ($227 million) at the close of the IPO, the lead manager said Saturday.
"The SAR396 million offering, which was open for subscription to all Saudi nationals and consisted of 7.2 million shares, representing 30% of the company's share capital, closed last Sunday," HSBC Saudi Arabia Ltd, the share sale's financial advisor and lead manager, said in a statement.
Subscriptions by nearly 261,000 individual investors reached SAR411.3 million while the subscriptions of eligible institutions and funds totaled SAR439.8 million, Kareem Madi, associate director for investment banking advisory services at HSBC Saudi Arabia, said in the statement.
eXtra is a consumer electronics and home appliance retailer that serves over 9 million customers through its 22 stores across Saudi Arabia. The company intends to open two more stores by the end of the year, according to the statement.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
17-12-11 1054GMT
