Saudi Perfume Maker’s $188 Million IPO Sells Out In Hours (1)

Saudi Arabia-based perfume maker Al Majed for Oud Co. received more orders for its initial public offering than shares available in just a few hours after books opened on the deal on Sunday.

The company is selling a 30% stake — 7.5 million shares — and seeks to raise as much as $188 million. Institutional investors fully covered the order book throughout the 90 riyals to 94 riyals ($24 to $25) price range, according to people familiar with the matter, who asked not to be identified as the information is private.

The offer period and bookbuilding for institutional investors will ...