CMA cancels Arabian Waterproofing’s IPO

Saudi Arabia’s Capital Market Authority (CMA) on Wednesday cancelled its approval for Arabian Waterproofing Industries Co.’s initial public offering (IPO) upon the firm’s request, the market regulator said in a statement.

Last month, Riyadh-based Arabian Waterproofing said it would float 8.19 million shares, representing 30 percent of its capital, in an IPO on the Saudi Stock Exchange (Tadawul).

The book-building process had started on Oct. 15 to set the share issue price.

The company, which was established in 1981, produces more than 150 different types of materials used in road, bridges, roofing, waterproofing, damp proofing and tanking.