Tayyar Travel Group is set to raise up to SR1.37 billion ($365 million) selling a 30 percent stake in an IPO that is open to retail investors and expected to close on May 20, for a planned bourse listing in the first week of June, two sources familiar with the matter said. The family-owned business group is offering 24 million shares to investors at SR45-57, the sources said. The institutional part of the share sale has been oversubscribed nearly five times, arranging bank Samba Capital, the investment banking arm of Samba Financial Group, said earlier this week. "Demand for the IPO has been strong from the institutional side. It has been priced attractively and most bids were at the top end of the range," one person involved in the IPO process said, speaking on condition of anonymity. Al-Tayyar first looked to go public in February 2010, planning to raise SR1.2 billion selling 30 percent of its shares. Lackluster market conditions forced the family group to pull the process at the end of the institutional stage.
