Saudi IPO Draws $32 Billion In Orders After Dividend Reversal

Saudi Arabia-based Specialized Medical Co. attracted about 121 billion riyals ($32 billion) in orders for its initial public offering, following a reset of its institutional order book after the company clawed back recently paid dividends.

The hospital operator’s offering was nearly 65 times oversubscribed, it said in a statement. That’s the lowest subscription multiple among recent IPOs in the kingdom.