Three Saudi companies to offer nine million shares in IPO

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  • Among them was the Riyadh-based Advanced International Company, specializing in providing technical and security solutions
  • Alwasail Industrial Co., also offered 2.5 million shares
Three Saudi private companies will go public, offering around nine million shares in IPOs, according to the Saudi Exchange market (Tadawul).

Among them was the Riyadh-based Advanced International Company, specializing 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 companies to go public.

Scientific and Medical Equipment House is offering 6 million shares to be listed on main market TASI, offering 30 percent of the company’s shares.

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