Riyadh – Mubasher: The book building process for the initial public offering of Al Yamamah Steel Industries will start tomorrow, 12 April, announced Riyad Capital, the financial advisor, lead arranger and underwriter.
In late March, Al Yamamah Steel, which operates with SAR 508 million capital, was cleared by Saudi market regulator to launch an initial public offering for 15.24 million shares, or 30% of capital, on Saudi Stock Exchange.
The final share price would be defined after completing the book building process, said Riyad Capital, adding that shares would be offered for institutions in phase one, while 30% of floated shares would be offered for retail subscription for seven days starting 27 April.
A portion of floated shares will be allocated for institutional investors. The share offering will run during the period 27 April through 3 May.
