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Saudi’s National Commercial Bank Says To Raise $6bn In IPO

Saudi’s National Commercial Bank Says To Raise $6bn In IPO

The bank will sell 300 million shares to Saudi individual investors and 200 million shares to the state-run Public Pension Agency at a price of SAR45 per share.

Saudi Arabia’s National Commercial Bank, the Kingdom’s biggest lender by assets, plans to raise SAR22.5 billion ($6.0 billion) in the initial public offering (IPO) it will launch this month, the bank said in a statement.

The bank will sell 300 million shares to Saudi individual investors and 200 million shares to the state-run Public Pension Agency at a price of SAR45 per share, it said on a bourse statement. Subscription for the IPO will open on Oct.19 and close on Nov.2.

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