|09-22-2014, 01:45 PM||#1|
Tadawul pressured by NCB`s IPO announcement
Saudi Arabia stock markets (Tadawul) witnessed heavy selloff on Monday, as traders allocated some of their cash in anticipation for the initial public offering of National Commercial Bank (NCB).
The NCB Capital, Saudi Arabia’s largest lender by assets, said late Sunday it will offer 300 million shares – equal to 15% of the bank’s share capital to Saudi investors between October 19 and November 2.
Another 10% of the lender will be place with state fund the Public Pension Agency at the same time. The offering is expected to be one of the largest ever in the Gulf region.
This particular IPO will be a key event in Saudi Arabian markets in the upcoming period and it will have significant results on the region`s equity markets, especially in Saudi Arabia; the offering will be limited to Saudi citizens, and will encourage many people to return to stock markets after the 2006 market crash.
The IPO will also be Saudi Arabia’s first bank IPO since 2008, and investors and regulators alike are excited on expectations that 2014`s IPOs will exceed 2012`s market of $1.4 billion, amid much-preferred frequency in large IPOs.
Tadawul is up over 27% this year, with nearly 12% of those gains racked up since July 22 - when the Kingdom’s regulator said it would open the stock market to direct foreign investment early next year.
The Saudi benchmark index was last down 1.31% to 10866.26 following the IPO announcement; a move similar to Dubai’s bourse earlier this month following the massive IPO of the Emaar Malls Group.
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