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Saudi Oil Driller’s IPO Covered Within Hours in Bearish Market

  • Arabian Drilling sets price range at 90 riyals to 100 riyals
  • Company joins a steady stream of Gulf initial public offerings
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Arabian Drilling Co., a Saudi Arabian oilfield-services company partly owned by Schlumberger NV, took only hours to garner enough investor orders to fully cover an initial public offering that could raise as much as 2.67 billion riyals ($710 million).