Saudi Arabia Stock Exchange (Tadawul) CEO Sees Further Blitz of IPOs - Bloomberg
Saudi Arabia has more than ten companies waiting to pursue initial public offerings on its stock exchange, while upwards of 50 firms have applied for listings, in a sign that the frenzy of IPO activity in the kingdom is set to continue.
“We have more than ten IPOs approved but waiting for book building and dealing with the asset managers to determine listing and offering dates,” Mohammed Al-Rumaih, chief executive officer of Tadawul stock exchange, said in an interview.
“And the good thing about those IPOs is not just the number but the diversity,” he said. “So they are from different sectors, different sizes in different stage in their life cycle.”
The comments come fresh off a burst of IPO activity for Saudi Arabia, with four companies having announced offerings in recent weeks. They include hospital group Dr. Soliman Abdul Kader Fakeeh Hospital, which will be the kingdom’s biggest IPO of 2024.
That offering sold out in less than an hour and seeks to raise as much 2.86 billion riyals ($763.4 million) — more than all of the year’s combined listings to date. Water treatment business Miahona’s offer also drew strong demand, and the deal was priced at the top of an initial range Thursday.
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