Saudi Arabia's United Cooperative Assurance Co plans to raise up to 8 billion riyals ($2.13 billion) in an initial public offering starting on March 8.

United Cooperative will sell 8 million shares, equivalent to a 40 percent stake, at 10 riyals per share in the initial public offering, a filing on the bourse Web site showed.

The IPO will run from March 8 to 15, the bourse said.

NCB Capital, the investment banking arm of Saudi Arabia's National Commercial Bank, is the IPO's issue manager and main underwriter. - Reuters