Published: September 22, 2014
Saudi bank will float 25% of its capital on the domestic stock exchange.
National Commercial Bank, Saudi Arabia’s largest lender, is to float 25% of its capital on the Saudi Stock Exchange (Tadawul), a filing from the Capital Markets Authority has confirmed.
The bank is to float 25% of its share capital, with 15% being offered to Saudi individual investors and 10% set aside for the Public Pension Agency. HSBC and Bahrain’s Gulf International Bank are advising on the sale, which will take place between October 19 and November 2.
The IPO could raise as much as SAR16bn (US$4.3bn), according an estimate by local investment bank Riyad Capital, which would make it the largest IPO of 2014 after that of Chinese e-commerce firm Alibaba, which recently raised US$25bn.