SACO kicks off IPO’s book building process

08/04/2015 Argaam
Saudi Company for Hardware (SACO) has started today taking orders for its initial public offering (IPO) of 30 percent of its shares, the IPO’s financial advisor HSBC Saudi Arabia Limited said in a statement. 
 
HSBC Saudi Arabia said it will take all the necessary requirements for the book building process and will seek approval from the Capital Market Authority (CMA), adding that all offered shares will be allocated to institutions. 
 
However, in case there are individual subscribers, the company will allocate 40 percent of shares to private investors, while 60 percent will remain for institutions, following the market regulator’s approval.
 
The IPO will take place between April 22-28. The company will float 7.2 million shares on Tadawul, Saudi’s stock exchange. 

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