Via Laura Gardner Cuesta in yahoo.com: Saudi Arabia’s Almoosa drew 173 billion riyal ($46 billion) worth of orders from institutional investors for its $450 million initial public offering in the kingdom, in a sign of continued interest in Middle Eastern listings. Almoosa is offering 13.3 million shares, or a 30% stake. At this price, the firm would be valued at 5.62 billion riyals, with the deal on track to be the kingdom’s second largest listing of the year. Almoosa is the latest Middle Eastern listing to garner triple-digit levels of oversubscription, although of late this has not necessarily translated to strong trading performance.
