Saudi Company for Tools and Hardware (Saco), a popular do-it-yourself (DIY) chain in the kingdom, has set the price for its 30 per cent initial share sale at SR70 ($18.70) each, a statement from the company's financial adviser said on Thursday.

The price, which was set following a bookbuilding phase with institutional investors, means the retail and wholesale tools superstore will raise around SR504 million from its flotation.

A subscription period for retail investors will now run between April 22 and April 28, with 2.88 million shares to be allocated to them out of a total of 7.2 million shares, according to the statement from HSBC's Saudi Arabian unit.

The bank added institutional investors had pledged orders which covered the full amount of shares on offer during the bookbuild. - Reuters