Riyadh- Mubasher: The Gulf Steel Works Factory Company (GSW) began on Monday, 27 November, the initial public offering (IPO) of 30% of its total shares on Saudi Arabia's parallel market, Nomu, recently launched for small and medium-sized enterprises.
The company previously said that the IPO would continue 22 days, closing on 18 December, 2017.
GSW plans to sell 6 million shares of its total 20 million shares, which account for 30% of the company’s capital of SAR 200 million.
Given Pan Gulf Industrial Investment Company (PGIIC) acquired 99% of GSW’s stake before the offering, which would decline PGIIC’s stake to 69%.
The company said that the allotment date is 19 December, 2017.
