Saleh Abdulaziz Al Rashed & Sons Company, a leading provider of construction materials, mining and industrial spare-parts solutions based in Saudi Arabia, said on Sunday it set a price range of SAR45 ($12) per share for its initial public offering (IPO) and launched the institutional book-building period.

The offering comprises 5.58 million shares, representing 30% of the company’s total issued share capital, with the remaining 70% retained by existing shareholders, said the Saudi company in a statement. 

The institutional book-building period runs until February 5, after which the final price will be determined, it stated.

Saleh Abdulaziz Al Rashed & Sons said the IPO, which has received approval from the Capital Market Authority and conditional approval from the Saudi Stock Exchange (Tadawul), will be a secondary offering, with proceeds going entirely to existing shareholders. 

The shares are expected to be listed on Tadawul’s Main Market, giving the company a free float of 30%.

For the IPO, ANB Capital is acting as sole financial advisor, lead manager, bookrunner, and underwriter for the offering. The IPO is open to both institutional and individual investors through licensed receiving entities.

The offering implies a market capitalisation of between SAR800 million and SAR837 million at listing. Existing substantial shareholders are subject to a six-month lock-up following the start of trading.-TradeArabia News Service