The Saudi stock market has had a glory run this year, and IPOs are cranking up the pace. Image Credit: AP

Dubai: Nayifat Finance Company, a Saudi-based non-banking financial company, plans to list on Saudi Stock Exchange. It will offer 35 million shares, representing 35 per cent of the issued share capital of 100 million shares by way of a secondary offering. It said the final offer price will be determined at the end of the book-building period.

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Nayifat said the potential IPO will give the company the opportunity to “promote greater levels of internal efficiencies, corporate governance and transparency”. “NFC is a pioneer in the NBFI space and has been a leading player in the industry for over 19 years,” said Saud Al Dosari, Chairman of NFC. “We believe now is the right time to go public. The listing enables us to move into the next stage of our ambitious strategy.”

NFC has a portfolio of more than 44,000 customers as of first-quarter 2021. It is the first licensed NBFI to issue visa credit cards, which was launched in 2020, and offers customers 100 per cent Sharia compliant products and services.

“We will continue to focus on our core business while pursuing growth opportunities in the private and public sector,” said Abdulmohsen Al Sowailem, Managing Director and CEO of NFC. “This IPO is the next stage of our development story, as it would further promote the NFC brand and support our expansion into FinTech, SME lending and credit card businesses.”