Consumer
Saudi Perfume Maker’s $188 Million IPO Sells Out In Hours
- Al Majed for Oud to sell 30% stake on Saudi stock exchange
- IPO plans come in busy year for deals in Saudi Arabia
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Saudi Arabia-based perfume maker Al Majed for Oud Co. received more orders for its initial public offering than shares available in just a few hours after books opened on the deal on Sunday.
The company is selling a 30% stake — 7.5 million shares — and seeks to raise as much as $188 million. Institutional investors fully covered the order book throughout the 90 riyals to 94 riyals ($24 to $25) price range, according to people familiar with the matter, who asked not to be identified as the information is private.