The initial public offer (IPO) of Saudi Integrated Telecom Company (SITC) which opened on Monday, has received an overwhelming response from investors, said AlBilad Investment Company, the financial advisor for the issue.

The SITC is offering 35,000,000 shares, which represent 35 per cent of the company's share capital. The offer price will be SR10 per share, and the subscription period will last till May 8.

As part of the offering, a total of 5,000,000 shares is being allocated to the General Organization for Social Insurance (GOSI).

AlBilad, also the IPO lead manager and lead underwriter, said the SITC public issue was a big success with the company receiving 33,200 requests for 147,600 subscribers on 12,630,000 shares worth SR126.3 million, with a coverage percentage of  42 per cent until 5pm on May 3.

AlBilad said the company management had worked hard to achieve high levels of transparency and availed information of the IPO process in co-operation with the Capital Market Authority.-TradeArabia News Service