With four days to go before the close of applications for Saudi Dairy and Foodstuff Company (SADAFCO) shares, already the issue is 227 percent oversubscribed. Hasan Al-Jabri, head of corporate banking at the National Commercial Bank (NCB) - the financial adviser and sole underwriter of the SADAFCO IPO - confirmed that the over subscription at the end of the sixth day of trading, according to a press statement published today. He said that 355,449 subscribers paid over a billion Saudi riyals to selected receiving banks, between Monday April 25 and Saturday April 30. Thirty percent of subscription applications were made through other distribution channels including 24-hour trading through the Internet and telephone banking. These have helped in leveraging the effectiveness and speed of subscription for the IPO," said Al-Jabri. SADAFCO has offered 1,950,000 shares representing 30 percent of the company's authorized capital, at the price of SR260 per share.
