The $10bn windfall follows National Commercial Bank’s share sale DUBAI — Saudi Arabia’s stock market, coming off its worst month in more than two years, is poised to benefit from a $10bn windfall following National Commercial Bank’s (NCB's) record share sale.Investors may pump between $8bn and $10bn back into stocks when the lender returns the excess funds it received in subscriptions for the sale, according to Ahmed Badr, CEO and head of MENA equities at Renaissance Capital. Investors might have borrowed as much as five times their own money to bid in the offering, he said. The bank got requests for $83bn of shares, 23 times the amount sold to Saudi citizens."It was such a large IPO, it sucked the liquidity out of the market," Amer Khan, senior executive officer at Shuaa Asset Management, said by phone from Dubai on November 4. "The impact will be immediate when the liquidity returns," with banks, retail and consumer stocks likely to benefit, he said.Saudi Arabia’s benchmark stock...
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