Axelerated Solutions for Information and Communication Technology Company is set to float three million shares in an initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) Parallel Market Nomu.

The information technology (IT) firm has obtained the approval from the Capital Market Authority (CMA) to proceed with the offering, representing 10.71% of the company’s share capital.

Founded in 2015, Axelerated caters to companies looking to design and develop websites and mobile applications, as well as those that require cloud computing solutions, information security and technical support.

(Writing by Cleofe Maceda; editing by Brinda Darasha)