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IPO and stock growth graph. Image used for illustrative purpose. Getty Images
Saudi Arabia’s Service Equipment Co., which is selling 30% of its issued share capital in an IPO, has set the offer price range at between 80 and 84 Saudi riyals ($21.33 and $22.40) per share.
The book-building period for qualified investors commences on 13 April and ends on 17 April, Yaqeen Capital, the lead manager to the issuance said on the Tadawul exchange.
In December 2024, the Saudi Exchange approved Service Equipment’s application to launch an IPO. The share offering will be limited to qualified investors. Following the share sale the stock will be listed on the Parallel Market Nomu.
Headquartered in Jeddah, the company specialises in providing supplies, including maintenance equipment and accessories, to automotive garages/ workshops and fuel stations.
Service Equipment was established in 1980 with a paid-in capital of SAR 24 million ($6.4 million).
(Writing by Brinda Darasha; editing by Seban Scaria)
