HSBC Saudi Arabia Limited, the financial advisor and lead manager for the initial public offering (IPO) of Mohammad Al-Mojil Group (MMG), announced on Wednesday that retail subscription to the IPO reached SR1,029,857,500 by close of the fourth day of the offering. At the end of Tuesday, applications had been received from 992,439 subscribers, which covered 163.5 percent of the retail tranche of the IPO and 49 percent of the entire IPO. This is higher than the initial allocation to the retail tranche of 30 percent of the IPO. The retail tranche will 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 at SR70 per share. __
