An initial public offering of shares in Saudi Arabia's newly created Al-Bilad bank will run from February 21 to March 9, the bank said on Saturday Spokesman Mohammad al-Awadh said 30 million shares worth 1.5 billion riyals ($400 million), or half the Islamic bank's capital, would be floated. Saudi Arabia's cabinet formally approved the launch of Al-Bilad in November.
It is the kingdom's 11th commercial bank and was created through the merger of eight Saudi money changing institutions.
Saudi Arabia's state insurer NCCI said on Wednesday its 1.435 billion riyal IPO was 11.5 times oversubscribed. In October, a 1 billion riyal offering of stock in mobile phone operator Ettihad Etisalat was 50 times oversubscribed.
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