Saudi Arabia’s Power Tower Company (PTC) is looking to do an initial public offering (IPO) and list on the Saudi Exchange (Tadawul) main market.

The firm, which specialises in power transmission, substations and renewable energy infrastructure, has appointed Yaqeen Capital as the financial advisor and lead manager for the share offering.

The exact number of shares to be offered and target date for the IPO have not been disclosed yet. 

The company is expected to submit a formal application to the Capital Market Authority (CMA) to proceed with the offering.

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