HSBC Saudi Arabia Limited, the financial advisor and lead manager for the initial public offering (IPO) of Mohammad Al-Mojil Group (MMG), announced on Monday that retail subscription to the IPO reached SR480,580,800 by close of the second day of the offering. At the end of Sunday, May 4, 2008, applications had been received from 413,987 subscribers, which covered 76.28 percent of the retail tranche of the IPO. Approved institutional investors have subscribed to 70 per cent of the IPO, resulting in total coverage for the IPO of 92.88 percent The IPO of MMG, Saudi Arabia's premier industrial construction and construction services company, opened for subscription on May 3 and will close on May 12. All Saudi banks are serving as receiving banks for the offering. Shares are priced at SR70. On Saturday, applications had been received from more than 196,000 subscribers, which covered 34 percent of the retail tranche of the IPO. Approved institutional investors have subscribed to 70 percent of the IPO, resulting in total coverage for the IPO of 80 percent __
