Saudi Fransi Capital, the financial advisor, lead manager, and bookrunner for Zahrat Al Waha for Trading Co.’s initial public offering (IPO) on the Saudi Stock Exchange (Tadawul), began on Wednesday a book-building process to set the share issue price.
Details will be submitted to participant institutions, the brokerage firm said in a statement.
The Capital Market Authority (CMA) on June 15 approved the offering of 4.5 million shares, or a 30 percent stake, in Zahrat Al Waha on Tadawul.
The company will sell a total of 3.6 million shares, or 80 percent of the offering, to institutional investors. The remaining 900,000 shares will be offered to retail investors.
The share sale will run from Aug. 13 to Aug. 20, once the book-building process is complete.
The Riyadh-based firm is engaged in factory building and maintenance.
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