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Saudi’s Derayah Financial Company has received approval from the Capital Market Authority to move ahead with an IPO, representing 20% of its share capital.
The financial services firm will float 49.94 million shares with more details to be announced in the prospectus at a later date.
The approval shall be valid for six months from the CMA resolution date. It shall be deemed cancelled if the offering and listing of the company’s shares are not completed within this period.
Founded in 2009 as a closed joint stock company in Riyadh, Derayah Financial CEO Mohammed AlShammasi told news site Argaam last week the company’s assets under management (AuM) and under custody (AuC) exceeded 40 billion Saudi riyals ($10.7 billion) by the end of H1 2024, a 22% increase compared to the end of 2023.
(Writing by Bindu Rai)
