Al-Samaani receives SAR 17.5 mln from IPO

04/05/2017 Argaam

Al-Samaani Factory For Metal Industries Co. (Al-Samaani) said on May 2 it has received SAR 17.5 million as subscription to its initial public offering (IPO), the company said in a statement to Tadawul on Thursday.

 

Al-Samaani plans to use the net proceeds – after deducting the IPO cost- to add new production lines and invest in logistics services.

 

The financial impact of the new production line will show as of Q4-2017, while the impact of the logistics services will show starting Q2-2018.

 

In February, Al-Samaani launched its IPO for qualified investors on the Nomu-Parallel Market to sell 225,000 shares, or 20 percent of its capital, Argaam reported earlier. 

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