Riyadh Cables announces plans to proceed with IPO on Tadawul

Logo of Riyadh Cables Group

Riyad Capital, in its capacity as the financial advisor, bookrunner, lead manager, and underwriter on the potential initial public offering (IPO) of Riyadh Cables Group Co., announced the company’s intention to proceed with the IPO and listing of its ordinary shares on the Saudi Exchange (Tadawul).

Tadawul approved, on Sept. 20, the company’s request to list its shares.

On Oct. 17, the Capital Market Authority approved the company’s application to offer 33 million ordinary shares, or 22% of the share capital.

The offering price will be determined after the book-building process.