A deluge of orders meant United International Holding Company priced its Tadawul IPO at the top of the SR120–SR132 range for a SR990m (US$264m) deal.

The offer was 132 times subscribed with SR131bn of demand.

Pricing gives a market capitalisation of SR3.3bn for the company, which is best known for its buy now, pay later and personal finance platform Tasheel.

Listed parent Extra offered 7.5m shares in the company for a 30% free-float.

According to a cornerstone agreement, nearly 1.2m shares were subscribed by Zamil Group Investment Company, Al Muhaidib Group and Saudi's Company for Cooperative Insurance.

A retail offer for up to 10% of the shares will be open on November 19–20. Final allocations are expected on November 25 with refunds of excess subscriptions by November 28.

A trading date will follow.

HSBC is sole global coordinator and joint bookrunner with EFG Hermes.

Source: IFR