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FINANCIAL NEWS
Saudi Al-Tayyar IPO garners up USD365m
29 May 2012
(MENAFN) The Saudi Arabian Al-Tayyar Travel raised USD365.3 million from their initial 30% IPO, reported Reuters.
The family-owned group’s IPO was oversubscribed by 6.1 times.
Al-Tayyar offered 24 million shares with each retailing from May 14 till May 20. This is their second time around the Saudi Stock market, submitting their first listing in February of 2010 with a 30% stake sale.
The prosaic market conditions of 2010 caused Al-Tayyar to pull their listing near the end of the institutional stage, however, in 2012, Saudi market conditions have picked up in spite of the global market decline.
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