Riyadh-based Jana Medical Company’s initial public offering (IPO) has been oversubscribed, as Saudi Arabia continues to attract huge demand for businesses coming to market.

The latest share offering on the Saudi Stock Exchange’s Nomu Parallel Market was 150.4% subscribed by institutional and individual investors.

Jana Medical’s offering included 642,500 ordinary shares. The final offer price was pegged at SAR 44 per share.

Launched in 2014, Jana Medical deals with healthcare supplies and devices. The date for listing the company’s shares on Nomu will be determined after the required listing procedures are finalised.

(Writing by Cleofe Maceda; editing by Seban Scaria seban.scaria@lseg.com)