The initial public offering (IPO) of Mohammad Al-Mojil Group (MMG) reached SR753,317,600 by close of the third day of the offering, HSBC Saudi Arabia Limited, the financial advisor and lead manager for the IPO said on Tuesday. At the end of Monday, applications had been received from 718,727 subscribers, which covered 119.57 percent of the retail tranche of the IPO and 35.87 percent of the entire IPO. The initial allocation to the retail tranche of 30 percent of the IPO can be increased up to 70 percent by reducing allocation made to institutional investors and depending on the final results of retail subscription. 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. __
