L’Azurde Company for Jewelry, Saudi Arabia’s largest jewelry designer and manufacturer has obtained the approval of the kingdom’s market regulator, the Capital Market Authority (CMA), to launch its initial public offering (IPO) next month.
The company will offer 12.9 million shares, or 30 percent of its share capital, the CMA said in a statement. The IPO will be held from June 5 until June 13, after the book-building process is complete.
A portion of the offered shares will be allocated to institutional investors, it added.
In March, L'Azurde revealed plans to float around 30 percent of capital in an IPO this year.
The family-owned company reported SAR 100.6 million earnings in 2015, compared to SAR 86.3 million in 2014, on a 4 percent rise in revenues and foreign exchange gains of SAR 7 million, according to data available on Argaam.
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