DUBAI: Arabian Contracting Services Company, or Al Arabiya, has announced it will sell 30 percent of its shares in an initial public offering (IPO) and list on the Saudi Stock Exchange.
According to the company prospectus, the public offering is expected to take place from October 26 to October 22, and a book-building process will determine the offer price per share.
At least 15 million shares will be offered to qualified institutional investors and individual investors in Saudi Arabia and the Gulf Cooperation Council (GCC) region.
In June, the Capital Market Authority approved the company’s request for an IPO.
Al Arabiya is the largest outdoor advertising company in Saudi Arabia in terms of revenue. MBC, a Middle East media conglomerate, holds a minority stake in Al Arabiya.
The company also counts Engineer Holding Group Company, a prominent Saudi media group, as its shareholder.
An estimated 62.3 percent of the outdoor advertising market share in Saudi Arabia is held by Al Arabiya as of 2020.