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| Record 10 million Saudis subscribe to Emaar the Economic City IPO An overwhelming 10 million Saudis, approximately half the country's national population, subscribed to the ten-day initial public offering (IPO) of Emaar the Economic City (EEC), setting a new record in the Kingdom's capital market history. Oversubscribed by 2.82 times, the SR2.55 billion IPO received 2.8 million applications with the total amount subscribed at SR7.18 billion. In another record of sorts, the IPO fetched the largest ever subscription through automatic teller machines (ATMs) highlighting the trend of Saudi nationals being increasingly tech and online savvy. Over 30 per cent of the total subscriptions were made via ATMs. EEC's fully underwritten IPO, open only for Saudi nationals, had on offer 255 million shares at a nominal value of SR10 each, proceeds of which will be used towards the development of the King Abdullah Economic City (KAEC). EEC is a consortium headed by global real estate major Emaar Properties PJSC and a number of high profile investors from Saudi Arabia. Net proceeds from the offering will be used by EEC to finance the SR100 billion (US$26.6 billion) King Abdullah Economic City (KAEC). write your comments about the article :: © 2006 Construction News :: home page |