Saudi Printing and Packaging Company's (SPPC) 396 million riyal ($105.6 million) initial public offering closed 36.4 percent oversubscribed, lead manager Samba Financial Group said.

The IPO, which closed on Wednesday, raised 540 million riyals from more than 1.3 million Saudi retail investors, it said in a statement.

SPPC is 60 per cent owned by Saudi Research and Marketing Group, the largest Arab news publisher by market value.

It began the IPO on July 1 to sell 18 million existing shares, or a 30 per cent stake, at 22 riyals per share.

The IPO values SPPC at 1.32 billion riyals. Reuters