Saudi travel firm Al-Tayyar to raise $365m with 30% stake sale
2012-05-17 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: Saudi-based Al-Tayyar Travel is set to raise up to SR1.37bn ($365m) by selling a 30% stake in a listing in the first week of June, Reuters has reported, citing two sources familiar with the matter. The institutional part of the share sale has been oversubscribed nearly five times, arranging bank Samba Capital, the investment banking arm of Samba Financial Group, said earlier this week. "Demand for the IPO has been strong from the institutional side. It has been priced attractively and most bids were at the top end of the range," one person involved in the IPO process said. Al-Tayyar's first-quarter net income rose more than 20%, a second source said, adding the firm has paid a dividend of around SR5 in the past couple of years.  

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