Samnan IPO schedule depends on market conditions: Alawwal Invest

The timing of Samnan Trading and Maintenance Co.’s planned initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) is dependent on favorable market conditions, Khalid Al-Muammar, chief executive of Alawwal Invest told CNBC Arabia on Tuesday.

More details will be announced on the IPO size and stake later on, Al-Muammar said, adding that the trading firm was looking to float a minimum of 30 percent of capital.

Preparation for the offering usually takes from between nine to 12 months.

Samnan’s decision to list shares on Tadawul rather than on Nomu was backed by the company’s ability to fulfill the required listing regulations on the main market, he added.

Riyadh-based Samnan, which was established in 1985, operates through 60 branches across the kingdom.

The trading firm on Tuesday appointed Alawwal Invest as financial advisor for its share sale on the Saudi market.