Saudi Arabia-based Facilities Management Company has obtained approval from the Capital Market Authority (CMA) to proceed with its registration and initial public offering (IPO). 

The facilities management provider is looking to offer 42 million shares, representing 30% of its total share capital.

No date for the subscription period or listing has been confirmed yet. The market regulator said a prospectus will be published prior to the start of subscription.

The facilities management provider specialises in integrated services for buildings and infrastructure across key sectors in Saudi Arabia.

Its services include cleaning and maintenance, landscaping, waste management, security, office management, pest control, as well as reception, personal and hospitality services.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com