Saudi Arabian perfumer Al Majed for Oud Company has set the initial public offering (IPO) price range between SAR 90 and SAR 94 per share ($23.99- 25.05) on the Tadawul main market.

The institutional book-building period started on Sunday and will end on August 29.

Last week, the company announced its intention to proceed with an IPO of 30% of its issued share capital.

BSF Capital is the IPO's financial advisor, lead manager, bookrunner and underwriter.

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