Al Moammar Information’s retail offering 149% oversubscribed

The retail offering of Al Moammar Information Systems Co. was 148.68 percent oversubscribed, the company said in a statement.

A total of 7,947 investors subscribed to 713,650 shares, injecting SAR 32.11 million at SAR 45 each.

Last week, Saudi retail investors started subscription to around 480,000 of Al Moammar’s shares at SAR 45 a share.

The company’s initial public offering (IPO) is the first of its kind in the field of information technology in the Kingdom.

Refunds will be allocated on March 28 maximum.

The Riyadh-based firm was incepted in 1979, and was converted into a shareholding firm in 2008.