Retail subscription to the initial public offering (IPO) of Mohammad Al-Mojil Group (MMG) reached SR2,332,164,800 by close of the ninth day, its financial advisor and lead manager for the IPO HSBC Saudi Arabia Limited said on Monday. At the end of Sunday, applications had been received from 2,294,233 subscribers, which covered 159 percent of the maximum allocation to the retail tranche of the IPO. Twenty one million shares or 70 percent of the offering have been allocated to the retail tranche and 9 million shares to institutional tranche. By close of the eighth day of the offering, retail subscription reached SR 2,079,928,900. At the end of Saturday, applications had been received from 1,791,610 subscribers, which covered more than 141 percent of the maximum allocation. The IPO of MMG, Saudi Arabia's premier industrial construction and construction services company, was set to close on May 12. MMG is one of Saudi Arabia's leading industrial construction and construction services companies, which is focused on managing the construction of onshore and offshore oil & gas and petrochemical projects in the Kingdom. MMG provides major international companies with civil, structural, mechanical, electrical, instrumental, maintenance and related services on projects ranging from oil & gas facilities, refineries, power stations, desalination and cement plants. Established in the 1950s, MMG has built a solid reputation for safety, reliability and timely delivery. __
