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Maaden to hold $2.47b IPO in July
Saudi state-owned mining company Maaden announced details on Saturday of a 9.25 billion riyal ($2.47 billion) initial public offering (IPO) it will hold next month.
- Reuters
- Published: 00:14 June 22, 2008
Riyadh: Saudi state-owned mining company Maaden announced details on Saturday of a 9.25 billion riyal ($2.47 billion) initial public offering (IPO) it will hold next month.
Maaden said in May it would offer Saudi institutional and retail investors 462.5 million shares, representing 50 per cent of its capital, at 20 riyals per share, during the July 5-14 subscription.
"The allocation to retail subscribers will take place in two stages. In the first stage, each subscriber will get a minimum of 25 shares," Maaden President and CEO Abdullah Dabbagh said, according to a statement sent to Reuters.
"During the second stage, up to 2,000 shares will be allocated to subscribers who have applied for more than 25 shares as long as the total shares allocated do not exceed total shares offered to retail subscribers. The balance of the offer shares, if available, will be allocated on a pro-rata basis."
He did not say when the prospectus for investors with financial statements and other information about the company would be released.
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