Maaden IPO covers 68% on first day

State-owned Saudi Arabian Mining Company's (Maaden) SAR9.25 billion (Dh9bn) initial public offering raised SAR6.32bn in its first day, according to figures.

It covers 68 per cent of the total offering.

The Middle East's biggest mining IPO, which values Maaden at $4.9bn, raised about SAR823m from 532,517 Saudi retail investors at the end of its opening day on Saturday, Maaden said in a statement.

"(This) equates to 14 per cent coverage of the offering," the firm said.

Prior to the launch of the IPO, Maaden has secured SAR5.5bn of funds for the IPO from institutional investors, it added.

"Up to 27 percent of the offered shares will be available to such institutional investors; however this portion may be decreased to five per cent in favour of the retail tranche," the company said yesterday.