Saudi Arabian Islamic finance firm Nayifat plans Riyadh float | Reuters
Saudi Arabia's Nayifat Finance Company said on Tuesday it plans an initial public offering (IPO) on the Riyadh stock exchange with a free float of 35% of its shares.
Nayifat, a consumer-focused Islamic finance firm, said in a statement that it plans a sale of 35 million shares to institutional and retail investors. The sale of existing shares will be made by its current shareholders, it said.
Falcom Holding, a Saudi firm which owns businesses in leasing and financing of vehicles, as well as brokerage services, investment advisory and asset management, holds a 73.86% stake in Nayifat.
IPO activity in Saudi Arabia has boomed in recent years, with several companies considering flotations.
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