Saleh Abdulaziz Al Rashid & Sons Company, a Saudi Arabia-based leading provider of construction materials, mining and industrial spare parts solutions, announced on Sunday that it has set the price range for its initial public offering (IPO) at RAR 45 ($12) per share and has launched an institutional bookbuilding period.
The Saudi Arabian company said in a statement that the offering will consist of 5.58 million shares, representing 30% of the company’s total issued share capital, with the remaining 70% held by existing shareholders.
The institutional bookbuilding period ends on February 5, after which the final price will be determined, the newspaper said.
Saleh Abdulaziz Al Rashid & Sons said the IPO, which has received approval from the Capital Markets Authority and conditional approval from the Saudi Stock Exchange (Tadaul), is an offering and all proceeds will go to existing shareholders.
The shares will be listed on Tadawul’s main market, giving the company a free float of 30%.
ANB Capital will act as sole financial advisor, lead manager, bookrunner and underwriter for the IPO. The IPO is open to both institutional and retail investors through licensed recipient institutions.
The offering is expected to have a market capitalization of between R800 million and R837 million upon listing. Existing major shareholders are subject to a six-month lock-up from the start of trading. -TradeArabia News Service
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