Saudi NCB shares attract huge orders before listing
DUBAI, Nov 12 (Reuters) – Saudi Arabian financiers had actually placed buy orders for 180 million shares in National Commercial Banking (NCB) and also sell orders for simply 210,000 shares regarding half a hr prior to the shares was because of list on Wednesday, bourse data showed.
The buy orders were close to the Saudi stock exchange’s entire trading quantity for a normal day; in 2013, 212 million shares were traded daily usually.
NCB’s $6 billion preliminary public deal was the largest ever in the Arab globe as well as the second-biggest worldwide this year. The financial institution offered 300 million shares to retail investors in the offer, which shut last week, while a state-run pension firm got 200 million shares.
The stock, priced in the deal at 45 dirhams, is subject to a 10-percent daily fluctuation limit. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)
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