Riyadh-Mubasher: Al Yamamah Steel Industries will float 30% of its shares through an initial public offering (IPO) on Saudi Stock Exchange (Tadawul) as of 27 April for three days, according to a bourse statement.
The company appointed Riyad Capital as a financial advisor, bookrunner and lead manager for the IPO.
Al Yamamah it will launch an initial public offering for 15.24 million shares A portion of floated shares, an earlier statement said, adding that part of floated shares will be allocated for institutional investors.
Institutions should subscribe in 70% of the floated shares as a minimum limit, while the maximum limit stands at 100%.
As for individuals, the maximum subscription limit is 30%.
The allotment date is 9 May, while the surplus will be refunded on 10 May.
