Saudi Arabia’s Osool & Bakheet Investment Company (OBIC) will proceed with its IPO and list its shares on Nomu, the parallel market of the Saudi Stock Exchange (Tadawul).

The company will offer 1.6 million ordinary shares, representing 25% stake. The total offered shares will represent 18.5% of the capital after the IPO and planned capital increase, according to a bourse filing on Monday.

The share offering will run from October 15 to October 19. Pricing for the IPO will be announced prior to October 15.

The company, which deals with investment fund and discretionary portfolio management, has a paid-up capital of 60 million riyals ($16 million), according to its website.

Last June, OBIC received approvals from Tadawul and the Capital Market Authority to proceed with the share offering and listing.

(Writing by Cleofe Maceda; editing by Brinda Darasha)