Saudi petrochemical firm Yansab’s $525-million initial public offering was around two times oversubscribed, the lead manager and traders said.

Saudi Basic Industries (Sabic) offered 39.4 million shares, or 35 per cent, in its subsidiary Yanbu National Petrochemicals Company (Yansab) for 50 riyals ($13.3) each.
The IPO opened on December 17 and closed on December 29.
Samba acted as the lead manager for the operation.
The IPO allowed investors to apply for between 10 and 5,000 shares each.
“Subscribers will be lucky to get a third of the shares they sought to buy,” said a trader.
“It (oversubscription) was relatively low because Yansab is...not a household brand name,” said another broker.
Yansab, located on the Red Sea coast, will have a paid-up capital of 5.625 billion riyals ($1.50 billion) and is due to start production in 2008.
Sabic signed deals earlier this month with oil services company Technip to design and build an ethylene plant at Yansab, and with Japan’s Toyo Engineering Corp.  to for a glycol ethylene unit.