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Saudi’s Al-Tayyar IPO raises $365m

Saudi-based Al-Tayyar Travel has raised SR1.37bn ($365.3m) from its 30% initial public offering which priced at the top of its price range, Reuters has reported. The offering was 6.1-times oversubscribed with the tranches open to retail and institutional investors covered 2.4 and 4.9-times respectively, the lead manager, Samba Capital, said. It is the second time that Al-Tayyar has looked to list on the Saudi stock exchange, having first looked to go public in February 2010 through a 30% stake sale.