The initial public offering (IPO) of Emaar Economic City (EEC), which has been heavily oversubscribed since it opened on July 22, will close Wednesday.
EEC, a consortium headed by Dubai-based global real estate major Emaar Properties and a number of investors from Saudi Arabia, offers a total of 255 million shares at a nominal value of SR10 each. The fully underwritten IPO is open only for Saudi nationals.
According to Arab News, at the end of the eighth day of subscription, 2,313,005 applications were received from 8,426,322 subscribers, with the amount subscribed already reaching SR6.19 billion.
