RIYADH: The Power and Utility Co. for Jubail and Yanbu, known as Marafiq, completed its retail offering with 632 percent oversubscription, the initial public offering financial advisors, HSBC Saudi Arabia and Riyad Capital, said. The firm attracted total orders of nearly SR6.37 billion ($1.7 billion). A minimum of 10 shares were allocated per individual subscriber, while the remaining shares will be allocated pro-rata, with an allocation factor of 4.91 percent, according to a bourse filing. Fractional shares were collated and allocated in a descending manner at one share per order. On Sept. 26 the Saudi Capital Market Authority approved the company"s request to float a 29.24 percent stake, or 73.09 million shares, in an IPO. Retail investors started the subscription of about 21.93 million shares of Marafiq, or 30 percent of total offered shares, at SR46 each on Oct. 26, and the offering was closed on Oct. 30. The company’s institutional offering, which ended last week, was 59 times covered. The Jubail-headquartered utility was established in October 2000. Its capital stands at SR 2.5 billion. Marafiq"s core business is focused on water supply, sewage, waste management and treatment, electricity, gas, steam supply, air conditioning, and construction.