RIYADH: Naqi Water Co. said it intends to proceed with an initial public offering of a 30 percent stake on Saudi Exchange’s main market.
The Saudi-based bottled mineral water producer is looking to float 6 million shares of its SR200 million ($53.3 million) capital, according to a statement.
Participating entities will be allocated all offered shares, and retail investors will be allowed subscription of up to 600,000.
“The subscription is a qualitative leap in the history of the Company's achievements,” said CEO Abdulaziz Al-Sayegh, commenting on the move.
“Naqi’s preparations to offer its shares in the public offering represent a fruitful culmination of an important stage in its history of success, growth, and development,” the statement added.
