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Investors Pile Into Saudi IPOs With $176 Billion in Orders.
In: Bloomberg.com, 2024-05-28, S. N.PAG
Online
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Zugriff:
Four Saudi Arabian companies have received a total of 659 billion riyals ($176 billion) in orders for their initial public offerings (IPOs), attracting significant interest from fund managers. The demand for these IPOs has surpassed that of Saudi Aramco's record issue in 2019 and is impacting the performance of the kingdom's stock market. Institutional investors have placed substantial orders for these IPOs, with some companies receiving orders worth over 100 times the shares available. The high demand for Saudi IPOs can be attributed to factors such as hedge fund managers entering the market, retail investors leveraging up to 10 times from banks, and the ease of subscribing through digital channels. However, the oversubscription levels have led to frustration among investors as their allocations get scaled back. The strong performance of previous IPOs in the kingdom, with many companies experiencing significant first-day gains, has also contributed to the high demand. The Saudi market regulator's efforts to control over-exuberance have had limited success, and the diversification of the stock exchange into new sectors has further fueled demand. [Extracted from the article]
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Investors Pile Into Saudi IPOs With $176 Billion in Orders.
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Autor/in / Beteiligte Person: | Fioretti, Julia |
Zeitschrift: | Bloomberg.com, 2024-05-28, S. N.PAG |
Veröffentlichung: | 2024 |
Medientyp: | serialPeriodical |
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