United Carton Industries Company (UCIC) will proceed with plans to float its shares on the Saudi Stock Exchange (Tadawul) main market.

The corrugated carton maker’s initial public offering (IPO) will offer 12 million shares, representing a 30% stake. The final price of the shares will be determined after the book-building process.

The company, which holds around 37% to 40% market share in Saudi, will be listed on the kingdom’s bourse following the completion of the IPO.

UCIC operates 8 factories with a combined production capacity of around 491,000 metric tonnes.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com