Two new firms, Gas Arabian Services and Obeikan Glass Co., are set to make debut on Saudi Arabia’s parallel Nomu market on February 7.
According to the bourse statement Gas Arabian Services had finalized the qualified investors’ book-building with a coverage of 47.58 times the total shares offered. Consequently, the final offer price was fixed at SR90 ($24) per share.
The firm, having been run by the family for 30 years, aims to spend an average of 2 years on Nomu before moving to the main market, Faisal Al-Dabal, CEO of the firm, told the media.
The Dammam-based company has long-term strategic relationships with 28 international companies in the trade sector, according to Al-Dabal.
The second listing to take place is of Obeikan Glass Co. Riyadh-based Obeikan Glass was founded in 2007 and specializes in glass manufacturing and retail.
The company earlier set its price guidance at SR68 per share, which is a reference for the debut price of the stock.
Both initial public offerings were led by FALCOM Financial Services and obtained approval from the Capital Market Authority in December.