Saudi hardware retailer SACO to raise $134 mln from float - lead
RIYADH, April 16 (Reuters) - Saudi Company for Tools and Hardware ( SACO ), a popular DIY chain in the kingdom, has set the price for its 30 percent initial share sale at 70 riyals ($18.70) each, a statement from the company's financial adviser said on Thursday. The price, which was set following a bookbuilding phase with institutional investors, means the retail and wholesale tools superstore will raise around 504 million riyals from its flotation. A subscription period for retail investors will now run between April 22 and April 28, with 2.88 million shares to be allocated to them out of a total of 7.2 million shares, according to the statement from HSBC's Saudi Arabian unit . The bank added institutional investors had pledged orders which covered the full amount of shares on offer during the bookbuild.
($1 = 3.7498 riyals) (Reporting by Marwa Rashad; Editing by David French) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))
