Saudi Group Five Pipe shares to begin trading on Nomu market on Nov. 29

The IPO was 1,208% oversubscribed, according to Aldukheil Financial Group

  
Saudi traders are seen as they monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrator purpose

Saudi traders are seen as they monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrator purpose

REUTERS/Ahmed Yosri
RIYADH: Group Five Pipe Saudi Co., a leading spiral pipe provider in the Middle East, will begin trading on the parallel stock market, Nomu, as of Monday, Nov. 29, according to a filing to the Saudi Stock Market.

The Dammam-based company closed its initial public offering of 2.8 million shares, representing 10 percent of the total number, with the final offer price set at SR35 ($9.33) per share. The IPO was 1,208 percent oversubscribed, according to Aldukheil Financial Group, the IPO financial advisor.

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