PHOTO
A monitor shows the stock exchange at the Saudi Stock Exchange, or Tadawul, on June 15, 2015 in the capital Riyadh. Saudi Arabia's stock exchange allowed foreign investors to trade shares for the first time, boosting efforts by the world's top oil exporter to become a major global capital market. AFP PHOTO / FAYEZ NURELDINE (Photo by FAYEZ NURELDINE / AFP)
Ejada Systems Ltd. is planning to reapply with Saudi Arabia’s market regulator for its initial public offering after its six-month window to list lapsed, according to Bloomberg.
The company will provide updated financial disclosures to the Capital Market Authority (CMA) when it reapplies, Bloomberg reported.
However, the report did not mention any reason for the delay.
Ejada Systems announced plans to offer 20.25 million shares, representing 45% of the company’s share capital in its IPO, in December 2024.
In October, Bloomberg said the IPO valuation could reach $1.5 billion, with Goldman Sachs Group Inc. and Al Rajhi Capital hired to arrange the offering.
Saudi-listed Al Rajhi Bank is the largest shareholder in Ejada, holding 86% shareholding. Another listed lender, Bank Al Jazira, owns 10%, while Walaa Alghad Fund holds 4%.
(Editing by Seban Scaria seban.scaria@lseg.com)
