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KEC’s IPO Raises over $450 million in First Week
June 1, 2010 – The initial public offering (IPO) for Knowledge Economic City (KEC), which closed May 30, was 165 percent oversubscribed after more than 1.9 million subscribers injected approximately $450.7 million (SR1.7 billion) into the company’s IPO. This IPO is the largest in Saudi Arabia over the past 10 months and is expected to be the biggest this year. Phase I of the city, which is being developed on the outskirts of Madinah with the goal of advancing knowledge-based industries, is scheduled for completion by 2012.
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