RIYADH: Naqi Water Co."s initial public offering’s retail tranche was 1,353 percent covered, generating SR560 million ($150 million) worth of subscriptions. Saudi-based water producer offered 600,000 shares, 10 percent of the offer, to retail subscribers during the period from July 27 to July 28, according to a bourse filing. The final offer price had earlier been set at the top end of an indicated range of SR69, after attracting strong demand from institutional investors in the bidding period. The company ran the book-building period for five days, as it plans to float a 30-percent stake, or 6 million shares, on the Kingdom’s main stock market. The final listing date hasn’t been disclosed yet.