Saudi Integrated Telecommunications Co's (SITC) $80 million initial public offering, this year's first IPO on the biggest Arab bourse, was nearly twice oversubscribed, according to official figures.

The 300 million riyal ($80 million) IPO raised 880.7 million riyals, lead manager Al-Bilad Investment Co said in a statement.

The telecoms company had offered 30 million shares -- or 30 percent of its capital -- at 10 riyals each to Saudi investors and the subscription closed on May 8. Another 5 million shares was allocated to the General Organisation for Social Insurance.   

The firm -- which will be the third to offer landline services in the world's largest oil exporter, along with state-run Saudi Telecom Company and Atheeb Telecom  -- will use subscription proceeds to pay off licence fees, a top SITC official told Reuters last week.

SITC will raise the number of listed operators in the kingdom to five, also competing with Etihad Etisalat (Mobily) and Saudi Zain. - Reuters