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RIYADH: Kuwaiti car distributor Ali Alghanim and Sons Automotive Co raised more than $3 billion in a private placement ahead of its public offering, which was 11 times oversubscribed, according EFG Hermes.
The firm has listed 124.8 million shares for 793 Kuwaiti fils a share, representing 45 percent of its share capital, with a market capitalization of $717 million.
This makes the automotive firm the first IPO in the Kuwaiti stock market since 2020.
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