Saudi Hardware Retailer SACO To Raise $134 m From Float – Lead

Saudi Company for Tools and Hardware (SACO), a popular DIY chain in the kingdom, has set the price for its 30 percent initial share sale at 70 riyals ($18.70) each, a statement from the company’s financial adviser said on Thursday.

The price, which was set following a bookbuilding phase with institutional investors, means the retail and wholesale tools superstore will raise around 504 million riyals from its flotation.

A subscription period for retail investors will now run between April 22 and April 28, with 2.88 million shares to be allocated to them out of a total of 7.2 million shares, according to the statement from HSBC’s Saudi Arabian unit .

The bank added institutional investors had pledged orders which covered the full amount of shares on offer during the bookbuild.