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Financial term abbreviation IPO standing for Initial Public Offering on blue cube corner. 3d illustration. Getty Images
Saudi tech firm Ejada Systems Company will offer 20.25 million shares, representing 45% of the company’s share capital in its IPO.
The company has received a nod from the Saudi Capital Market Authority, with the offering limited to qualified investors.
In October, Bloomberg reported the IPO valuation could reach $1.5 billion, with Goldman Sachs Group Inc. and Al Rajhi Capital hired to arrange the offering.
Al Rajhi Bank is the largest shareholder in Ejada, holding 86% shareholding while 10% is held by Al Jazira Bank and 4% by Walaa Alghad Fund.
Ejada specialises in IT services and solutions.
(Writing by Bindu Rai)
