Saudi miner Amak's IPO attracts $1.07bln from retail investors

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RIYADH: Saudi-based miner Amak has collected SR4 billion ($1.07 billion) from selling shares to retail buyers amid an IPO boom in the Kingdom.

With an offer price of SR63 and almost six million shares offered, the retail portion that lasted three days was 10.6 times oversubscribed, according to a bourse filing.

The company hasn’t disclosed when it will start trading on the bourse.

The shares sale comes at a time when the Kingdom is revamping its mining sector to attract more private investors. In addition, more Saudi companies are going public this year with the Saudi stock exchange, Tadawul Group, expecting a listing of around 50 companies.

Prior to the retail offering, the Najran-based firm saw strong demand from institutional investors as it attracted SR91.8 billion worth of orders.

Amak, formally known as Al Masane Al Kobra Mining Co., mines for copper, zinc, gold, and other metals.