RIYADH: Saudi Networkers Services Co., a Riyadh-based technical consulting services provider, said it intends to proceed with an initial public offering for a 25 percent stake.
Looking to float 1.5 million shares on Saudi Arabia’s parallel stock market Nomu, the company has hired Aldukheil Financial to advise on the IPO, according to a statement.
Derayah capital will act as the lead manager of the offering, which will be confined to qualified investors and will open for subscription starting July 24 until July 28.
Aldukheil Financial said the offer price will be determined and disclosed prior to the subscription period.
Saudi Networkers share sale comes at a time when the region, especially Saudi Arabia, is witnessing an IPO boom buoyed by rising oil prices.
