Gypsum products maker United Mining Industries has set the price range for its initial public offering (IPO) on the Nomu Parallel Market of the Saudi Stock Exchange (Tadawul) at SAR 31 to 34 per share.

The company, which intends to float 1.75 million shares or 12.5% of its capital, has slated the book-building process for qualified investors on September 26 to October 2.

Each investor is required to apply for a minimum of 10 shares, with the maximum capped at 699,972, according to a bourse filing on Tadawul.

The company is a joint venture of three leading Saudi businesses in the construction and building industry, according to its website.

It operates a gypsum manufacturing complex that occupies an area of 114,000 square metres in Yanbu, Saudi Arabia. It has a production capacity of 20 million to 22 million square metres annually.

(Writing by Cleofe Maceda; editing by Seban Scaria)