Saudi Arabia’s oil and gas driller ADES Holding Company’s retail subscription was oversubscribed 9.83 times, the company said in a statement on Wednesday.

 The order book reached nearly 4.5 billion riyals ($1.2 billion), with subscriber numbers at 1,307,676.

Individual subscribers will receive a minimum of 10 shares each. The remaining shares will be allocated pro rata for the remaining demand with an average allocation factor of 6.4951%.

 The retail subscription lasted for three days, from September 26-28.

 ADES Holding, backed by the Public Investment Fund, received orders of nearly 286.85 billion Saudi riyals from institutional investors for its initial public offering last month.

The final offer price was set at the top end of the range at 13.5 riyals per share, implying a market capitalisation of 15.24 billion riyals at listing.

The final allocation will be announced on October 4, with a refund of the excess subscription amount by October 10. 

The listing is expected to take place on the Saudi stock exchange following regulatory approvals.

(Editing by Seban Scaria