Nayifat Finance Co. intends to proceed with the initial public offering (IPO) and listing of its ordinary shares on the Saudi Exchange (Tadawul), according to HSBC Saudi Arabia, which is the financial advisor, lead bookrunner, lead manager and lead underwriter of the prospective IPO.
The company obtained Tadawul’s approval on April 5.
On Sept. 29, the board of Capital Market Authority (CMA) approved Nayifat Finance Co.’s request to offer 35 million shares, representing 35% of the company's share capital, in an initial public offering (IPO), Argaam reported.
Final IPO price will be determined after book-building process.
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