Reasons not specified
Refunds by Wednesday
Two planned initial public offerings (IPOs) on Saudi Arabia’s junior stock market have been scrapped.
Yaqeen Capital and Watheeq Capital, the respective lead managers and financial advisors for Alkhaldi Logistics Company and Dome International Investment, announced that the IPOs had been declared void.
The statements did not specify the reasons for the cancellations.
Refund of the subscription amounts will be completed by Wednesday, the statements said.
In June, the Capital Market Authority approved Dome International’s request to float 850,000 shares at SAR42 ($11.20) per share. Subscriptions were open from May 19 to June 1.
Alkhaldi Logistics received regulatory approval in December 2024 to offer 1.05 million shares at SAR47 per share. The subscription window ran from May 27 to June 1.
Last month AGBI reported that the Saudi Exchange was the 11th largest stock market in the world with a market capitalisation of SAR9.5 trillion. Last year the Tadawul held 40 initial public offerings, of which 15 were on the main market.
The IPOs raised a combined $4.1 billion.
