Middle East Economic Survey

VOL. XLVII

No 45

8-November-2004

Ettihad Etisalat 51 Times Oversubscribed

Ettihad Etisalats IPO, by the close of subscriptions on 26 October, was oversubscribed 51 times making it Saudi Arabias most sought after offering, with more than 4.28mn investors bidding a total of $13.6bn. Local media reported that there were chaotic scenes as investors fought for application forms for the offering, which proved to be more popular than the float of shares in both the Saudi...