Saudi-based Al-Khodari and Sons Co will sell shares to the public at 48 riyals ($12.80) each, valuing the contractor at 2.04 billion riyals ($544 million), a lead manager official said on Tuesday.

"The book-building process has valued Al-Khodari's shares at 48 riyals each, which is at the bottom of the 48-51 riyals offered range," said the official.   

An official at Riyadh-based GIB Financial Services said in July that family-owned Khodari would sell 12.75 million shares, or 30 percent of its capital, to the public over the October 4-10 period. -Reuters