Middle East

Saudi Arabian miner Amak wants $ 332 million from IPO

Al Masane Al Kobra Mining Co. of Saudi Arabia is seeking to raise $ 332 million from an IPO and is joining a range of companies that take advantage of the Kingdom’s stock market.

According to the statement, the initial public offering price range is set from SAR58 ($ 15.46) to SAR63. Bookbuilding for institutional investors with 19.8 million shares will begin on Wednesday and end on March 1.

After that, it will be retailed for 3 days from March 9th.

Saudi Arabian companies raised about $ 9.3 billion from an initial public offering last year, making it the most active IPO market in the Middle East and Africa after Israel. Bloomberg. The recent wave has already seen digital security companies owned by the Kingdom’s sovereign wealth funds withdraw about $ 57 billion in orders from institutional investors.

The private Al-Masane al-Cobra, also known as Amak, will be listed on the state-owned miner Marden and join the national stock market. According to the company’s website, the company mines copper, zinc, silver, gold and other base metals and owns multiple exploration sites in southwestern Saudi Arabia.

Al Rajhi Capital manages Amak’s IPO.

https://gulfbusiness.com/saudi-arabian-miner-amak-seeks-332m-from-ipo/ Saudi Arabian miner Amak wants $ 332 million from IPO

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