More than 78 percent of Yanbu National Petrochemicals Company (Yansab) shares were purchased by some two million Saudi investors on the second day of its Initial Public Offering (IPO), bringing the amount subscribed to to Dh1.9 billion.
A record rush was seen to purchase the shares at all bank branches, according to Samba Financial Group, which was appointed to manage the IPO.
"This shows the confidence of Saudi subscribers in the bright future of Yansab," said one official.
As a result, police were called in to contain the huge crowds that had gathered outside of bank branches on the first day of the IPO. At some points, violence even erupted amongst competing investors, though on the subsequent days the situation calmed considerably.
Some 58 percent of investors opted to completing their subscriptions via ATMs and the internet.
"This gave a day of some relief for bank employees even though the number of investors seeking subscriptions was much higher than on the previous day," sources at Samba said according to Gulf News.
Banks quickly ran out of application forms for the share, requiring interested parties to purchase them from local shops for as much as 20 riyals a piece.
Controversy also erupted as to whether the IPO shares were legal from the religious point of view.
