Lamasat Company has set its initial public offering (IPO) price range on the Nomu-Parallel Market between SAR 5.25 and SAR 5.75 ($1.40-1.53) per share.

The company is expected to raise between SAR 31.5 million and SAR 34.5 million from the IPO.

The book-building process for qualified investors will run from January 20 to 27, the company said in a statement on the Saudi stock exchange on Wednesday.

The company will list 6 million shares on Nomu, representing 7.41% of the company’s issued share capital after the IPO.

Lamasat has appointed Yaqeen Capital Company as the IPO's financial advisor and lead manager.

(Editing by Seban Scaria seban.scaria@lseg.com)