Zahrat Al Waha issues prospectus for IPO on Tadawul

Zahrat Al Waha has issued a prospectus for its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) after obtaining approval from the Capital Market Authority (CMA).

The Riyadh-based company will float 4.5 million shares, or 30 percent of capital, during the period from Aug. 13 to Aug. 20.

Zahrat Al Waha will offer a total of 3.6 million shares, or 80 percent of the offering, to institutional investors. The remaining 900,000 shares will be offering to retail investors.

Last month, the Capital Market Authority (CMA) approved the prospectus for Zahrat Al Waha For Trading Company’s IPO on Tadawul.

The company, which is engaged in factory building and maintenance, reported net earnings of SAR 53.2 million in 2016, compared with SAR 53.8 million in 2015.