Riyadh, Saudi Arabia— Capital Market Authority of Saudi Arabia has approved another three initial public offerings amid a wave of listings on the Saudi bourses.
According to a CMA statement, it has approved an application from Power and Water Utility Co. for Jubail and Yanbu to register and sell 73.09 million shares, or 29.24 percent of equity, on the Saudi Exchange.
Saudi Top for Trading Co. has obtained the regulator’s approval to float 880,000 shares on the parallel market, Nomu.
The CMA has also approved Molan Steel Co.’s application to register and offer 532,400 shares on Nomu.
IPOs in Saudi Arabia are on course for a record year, with the number of listings already exceeding last year.
The Saudi Stock Exchange has recorded 17 initial share sales in the first half of the year, generating proceeds amounting to $5.07 billion.
The main TASI index accounted for eight listings generating $4.4 billion, and the parallel Nomu market had nine listings worth $649 million.
Tadawul dominated the GCC in IPOs last year, with utility provider ACWA Power marking the region’s largest share sale after its float generated as much as $1.21 billion.
Until the middle of this week, TASI, the main market, has listed 10 IPOs, while Nomu, the parallel market, has listed 11 IPOs.
The Saudi stock exchange Tadawul Group announced in March that it has received more than 70 listing applications for both the main index TASI, as well as the parallel index Nomu.