Saudi Finance Firm’s $264 Million IPO Sells Out in Minutes
- Cornerstone investors subscribe to 15.6% of the offer
- Parent United Electronics, known as Extra, selling 30% stake
This article is for subscribers only.
Saudi Arabian financial services firm United International Holding Co. had demand for all shares in its up to 990 million riyal ($264 million) initial public offering minutes after subscriptions opened, indicating continued demand for listings in the region.
Books were covered throughout the price range of 120 to 132 riyals per share, according to the terms of the deal seen by Bloomberg News. Its parent United Electronics Co. — known as Extra — is selling 7.5 million shares, or a 30% stake in the firm. Local funds agreed to subscribe to 15.6% of the offer, according to a separate announcement Monday.