The initial public offer (IPO) of Saudi Integrated Telecom Company (SITC) received overwhelming reponse from investors, said AlBilad Investment Company, the financial advisor for the issue.

The issue closes today (May 8).

Revealing the results of the sixth day of subscription, AlBilad said SITC had received  requests from 638,000 subscribers for 52,400,000 shares worth SR524 million ($140 million) with a coverage percentage of 175 per cent until 5pm on Saturday, it said.

The SITC is offering 35,000,000 shares, which represent 35 per cent of the company's share capital. The offer price is SR10 per share.

Al Bilad, which is also the IPO lead manager and lead underwriter, said 95 per cent of the subscriptions’ requests were received through the banks’ e-services, while the rest were received through the branches of participating banks.

The company said the recorded results showed that 92 per cent of the subscriptions were done by male subscribers.-TradeArabia News Service