RIYADH: As the wave of initial public offerings continues, Saudi Arabia’s stock exchange will see two new listings on its parallel Nomu market on Monday, Feb. 7, as announced by the bourse.
The first company to debut, Gas Arabian Services, had finalized the qualified investors' book-building with a coverage of 47.58 times the total shares offered.
Consequently, the final offer price was fixed at SR90 ($24) per share.
Having been a family business for 30 years, the firm aims to spend an average of 2 years on Nomu before moving to the main market, Faisal Al-Dabal, CEO of the firm, earlier told Asharq.
Headquartered in Dammam, the company has long-term strategic relationships with 28 international companies in the trade sector, according to Al-Dabal.
The second listing to take place is of Obeikan Glass Co.
Riyadh-based Obeikan Glass was founded in 2007 and specializes in glass manufacturing and retail.
The company earlier set its price guidance at SR68 per share, which is a reference for the debut price of the stock.
Both initial public offerings were led by FALCOM Financial Services and obtained approval from the Capital Market Authority in December.
