East Pipes IPO 'Shariah-compliant': Albilad Capital

Logo of East Pipes Integrated

The initial public offering (IPO) of East Pipes Integrated Company for Industry is Shariah-compliant and would not require the performance of purification, said Albilad Capital.

This came in reply to an inquiry on Albilad Capital's Twitter account about the opinion of its Shariah board about subscription to shares of East Pipes Integrated.

The company announced recently it plans to float 6.3 million shares, representing 30% of capital, in an IPO on the Saudi Exchange (Tadawul).

The institutional book-building process will run from Jan. 11-17, while retail subscription will start on Jan. 24 and run for two days. The price range for the IPO was set at SAR 72-80 per share.

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