Derayah Financial Company has set its IPO offer price at 30 riyal (US$8) per share, the upper end of its announced range.

The institutional book-building process attracted 243 billion riyal (US$64.79 billion) in total orders, leading to an oversubscription of about 162 times.

The IPO values the company at 7.5 billion riyal (US$2 billion) upon listing, with a total offering size of 1.5 billion riyal (US$400 million).

The sale includes 49,947,039 ordinary shares, representing 20% of the company’s issued share capital.

The subscription period for individual investors runs from Feb. 20 to Feb. 22.

The listing date on Saudi Arabia’s Main Market will be confirmed after final regulatory approvals.

HSBC Saudi Arabia is acting as the sole financial advisor, bookrunner, global coordinator, lead manager, and underwriter for the offering.

Recent Derayah developments