Saudi Ground Services Company’s (SGS) initial public offering (IPO) was 69.3 percent subscribed by the end of its fourth day on Saturday, according to HSBC Saudi Arabia, the lead manager and underwriter of the offering.

 

About 619,400 investors subscribed to 15.65 million shares in the four days of the IPO raising a total of SAR 782.3 million.

 

SGS launched its IPO last Wednesday. The company is floating a total of 56.4 million shares, or 30 percent of its capital.

 

In the initial phase, SGS allocated 22.56 million of those shares to retail investors. Meanwhile, the remaining 60 percent of shares will be available to institutional investors and funds. 

 

The company provides ground handling services across the kingdom’s airports, including travel services, passenger services and tickets, as well as baggage check and handling.

 

SGS IPO Details

Funds raised

(SAR mln)*

No. of subscribers

(thousand) *

Subscription ratio

Day

207.7

150.9

18.4%

June 3, 2015

526.0

401.0

46.6%

June 4, 2015

591.1

445.2

52.4%

June 5, 2015

782.3

619.4

69.3%

June 6, 2015
* Accumulated
 

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