Cargo firm SAL Saudi Logistics Services Co. received orders worth $48.6 billion for its $678 million initial public offering, which is set to be the kingdom’s second-largest this year.
Institutional investors put in bids for 72 times the shares made available to them, according to a statement on Thursday, demonstrating ongoing demand for the offering as the Saudi IPO market springs back to life after a virtual standstill at the start of the year.
The offering price was set at 106 riyals per share — the top of a marketed range, valuing the company at 8.48 billion riyals. Saudi Arabian Airlines Corp. and Tarabot Air Cargo Services Ltd. are offering 24 million shares — a 30% stake — in the IPO.
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