Three Saudi businesses announce IPOs

JEDDAH: Three private companies are to go public, offering around nine million shares in the initial public offerings (IPOs), Arab News quoted the Saudi Exchange market, Tadawul, as saying.

Among them was the Riyadh-based Advanced International Company, specialising in providing technical and security solutions, offering 400,000 shares.

Alwasail Industrial Co also offered 2.5 million shares. It manufactures and supplies polyethylene pipes and parts, irrigation equipment, communication channels, drinking water pipes and fittings, gas and oil pipes and fittings, and rubber products.

Both will list on Nomu, the kingdom’s parallel equity market with lighter listing requirements that serves as an alternative platform for the companies to go public.

Scientific and Medical Equipment House is offering six million shares to be listed on the main market TASI, offering 30 per cent of the company’s shares.