Apr 10 2012

Saudi-based Riyad Capital working on 3 IPOs and a sukuk

By Nadine Sharrouf of Zawya Saudi Arabia-based Riyad Capital is mandated as lead manager for "a number of IPOs" expected to open in the kingdom this year, a person close to the transactions said. The investment bank is also mandated to arrange the sale of a privately placed Islamic bond, or sukuk, which will close later this week, the person told Zawya.

City Cement Company and National Medical Care Company are two IPOs expected in 2012, while the third could take place in 2013. The kingdom has witnessed two IPOs so far this year, according to Zawya's IPO Monitor.

The person said Riyad Capital is working on closing a sukuk private placement in the coming weeks. The kingdom witnessed abundant sukuk issuance in the first quarter of 2012, according to Zawya's Sukuk Monitor, with a total of USD 6.4 billion issued.

© Zawya 2012

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