Shares in newly floated Saudi Dairy and Foodstuff Co. (SADAFCO) will make their debut on the Saudi stock market on May 23, the country's Capital Market Authority said yesterday. SADAFCO's initial public offering was about six times oversubscribed, according to a press statement published today. National Commercial Bank, the underwriting bank, had said that 1.04 million subscribers deposited SR3 billion ($800 million) at receiving banks during the 10-day offering. SADAFCO had offered 1.95 million shares at SR260 each in the IPO, representing 30 percent of the firm's capital.
