Investors offered 8.9 billion riyals ($2.45 billion), five times more than state-owned Qatar Petroleum was looking to raise in the initial public offering of a new holding company grouping three of its services firms. Gulf International Services offered stock at 21 riyals per share, plus a 0.6-riyal offering cost, it said in a statement received late on Saturday. QP said in February it would sell a 65.8 percent stake in the firm and retain 30 percent. Another 4.2 percent stake will be reserved for “selected institutions.” The company aimed to raise 1.72 billion riyals. The deadline for refunding the additional subscription money is March 26, the statement said. Gulf International Services is a holding company, which includes Gulf Helicopter Co, Gulf Drilling Co and Al-Koot Insurance and Reinsurance Co. HSBC Holdings Plc advised on the sale. Gulf International plans to list on the Doha Securities Market during the second quarter. __
