National Commercial Bank, Saudi Arabia’s largest lender by assets, is seeking to sell a 15 percent stake on the Saudi Stock Exchange in the fourth quarter, according to two people familiar with the matter.
The bank submitted plans for the initial public offering to the nation’s Capital Market Authority last week, the people said, asking not to be identified as the information is private. The regulator may fast-track the approval so that the share sale can take place before year’s-end, the people said.
The IPO is set be the country’s largest since Saudi Telecom Co. raised 15 billion ($3.92 billion) riyals in 2002, and the first by a Saudi bank since 2008, according to data compiled by Bloomberg. NCB could raise about 16 billion riyals, Asim Bukhtiar, head of research at Riyad Capital, said in April.
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