East Pipes sets IPO price range at SAR 72-80/share

Logo of East Pipes Integrated Company for Industry 

East Pipes Integrated Company for Industry set the price range for its potential initial public offering (IPO) at SAR 72-80 per share and started today, Jan. 11, the institutional book-building process, according to SNB Capital, the financial advisor, bookrunner, lead manager, and underwriter on the potential IPO. 

The book-building process will end on Jan. 17.

The company plans to float 6.3 million shares, representing 30% of capital, on the Saudi Exchange (Tadawul). The offering is expected to comprise a sale of existing shares and result in a free float of 30%.  

The company obtained on Aug. 8, 2021, Tadawul's approval on its application for the shares listing. It was also cleared by the Capital Market Authority (CMA) on Sept. 29, 2021. 

The minimum limit of subscription by institutional investors amounts to 100,000 shares, while the maximum limit stands at 1.05 million shares.  

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