Saudi Arabia’s Hail Cement Co’s initial public offering of 50% of its share was more than 130% oversubscribed by Monday morning, the IPO’s last day, Al-Riyadh daily reported, citing an executive.

The share allocation will be announced next week and the reimbursement of surplus subscriptions will take place 2-5 Oct.

Hail Cement is expected to start production in 1Q2013 with a capacity of 5000tpd. CEO Matar Al Zahrani said the company is likely to achieve a profit the same year.
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