PIF-backed utility firm Marafiq IPO 632% oversubscribed 

RIYADH: The Power and Utility Co. for Jubail and Yanbu, known as Marafiq, completed its retail offering with 632 percent oversubscription, the initial public offering financial advisors, HSBC Saudi Arabia and Riyad Capital, said. 

The firm attracted total orders of nearly SR6.37 billion ($1.7 billion).  

A minimum of 10 shares were allocated per individual subscriber, while the remaining shares will be allocated pro-rata, with an allocation factor of 4.91 percent, according to a bourse filing.