Unverified: Dh2.06 billion Dana Gas IPO subscriptions worth over Dh500 billion :: Gulf News
Can you say "perfectly elastic demand"?

Quoting:

The Dh2.06 billion IPO for Dana Gas has attracted investors from a record 50 countries, led by UAE and other GCC investors, a company official said yesterday. . . . The IPO, the largest ever in the UAE and the first for a natural gas resource company closes on Monday. . . . Reports of the IPO having attracted subscriptions worth more than Dh500 billion could not be independently verified.
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Varouj Nerguizian, general manager of Bank of Sharjah and a member of the Founders Committee of Dana Gas [said] ". . . Our goal is not to have a high over-subscription for the IPO, but to achieve a wide and solid base of long-term shareholders for the company across the region."

Saudis 'thirsting for any shares they can get' :: GN

Quoting:

"I can tell you the appetite for investing in stocks is unbelievable among Saudi nationals. The stock market is currently the best investment avenue for small and medium investors and they are greedy for more," said Khalid Mohammad Al Shwuil, a businessman from Dammam. "Saudis want to invest in any IPO and if it relates to energy like Dana Gas, you can expect a mad rush. So why can't the authorities allow us to apply for shares from our own country?" he asked, as he stepped out of the HSBC branch in Abu Dhabi after a three-hour wait. We couldn't find a single room in any hotel, we had a trying time to get an airline ticket and now we waited from 7am until 10.30am to get the share application."
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Angered by the difficulties in getting an airline ticket and accommodation in the UAE, Saud Al Ali, a Riyadh-based businessman, said thousands of Saudis will descend on the UAE this weekend to apply for shares despite the problems they face. "There's a huge rush for tickets and many Saudis don't mind roughing it out as long as they can apply for the shares. Men and women are anxiously looking to invest in shares."
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Meanwhile, security personnel at some banks continued to face irate investors, mostly from Saudi Arabia, clamouring for shares in Dana Gas. Thousands of Saudis are expected to arrive this weekend to snap up shares in Dana Gas before it closes date on Monday. HSBC's Airport Road branch in Abu Dhabi saw the queues of investors double every hour yesterday as security men had a tough time controlling the crowd. Emirates Bank International Ltd's Abu Dhabi branch manager Ali Mohammad Ali said the crowds were "manageable" yesterday. "But we expect a big rush on Thursday and early next week."