Etihad Atheeb's IPO oversubscribed by two and a half times (Saudi Arabia)

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Etihad Atheeb's IPO oversubscribed by two and a half times (Saudi Arabia)

February 15, 2009

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Saudi Arabian fixed line licensee Etihad Atheeb Telecommunications' 300 million riyal ($80 million) initial public offering (IPO) has been oversubscribed by about two and a half times times. The issue, comprising 30 million shares or 30 per cent of the company's capital, was launched on January 26, 2009 and closed on February 9.

This was Saudi Arabia's first IPO since August 2008 as a number of issues have been postponed due to the financial crisis.

Etihad Atheeb will use a large part of the 601.3 million riyal raised through the IPO to expand its network.