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Article: IPO activity accelerates in the kingdom.(SAUDI ARABIA)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- September 15, 2006
CopyrightCOPYRIGHT 2006 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The initial public offering (IPO) of shares in Saudi International Petrochemical Company (Sipchem) was launched on 9 September to a strong response. It forms part of a lengthening pipeline of IPOs approaching the market, with the Capital Market Authority (CMA) due to announce the timing of the next batch imminently and several financial advisory mandates recently awarded.
The Sipchem IPO covers 30 per cent of the company's capital, divided into 45 million shares priced at SR55 ($14.70) each. The National Commercial Bank is the financial adviser, lead manager and lead underwriter. The offering closes on 18 September.
Next on the agenda will be the IPO of ...