Saudi Arabia’s Al Tayyar Travel Group cancelled an initial public offering on February 22 to February 28 after a book building process failed to attract enough demand. Al Tayyar, which organizes holiday packages and owns a corporate car rental service, hoped to raise $320 million from the sale of 24 million shares, about 30 percent of its capital. The company said the IPO has been delayed and will be re-launched within two months.
Nasser al Tayyar, chief executive of Tayyar, said “The book building process by institutions should have covered 100 percent of the offered shares in order to allow 50 percent of the offered shares to be sold to investors. Tayyar’s net profit in the first half of 2009 was 190.6 million riyals, up 79.8 percent for the same period in 2008
