Saudi Arabia-based Nayifat Finance Co., a Shariah-compliant lender, will proceed with its plans to launch an initial public offering (IPO) and list its shares on the Saudi Stock Exchange (Tadawul).
The company will issue 35 million ordinary shares, representing 35 percent of its share capital, as part of the IPO, Nayifat said in a bourse statement on Tuesday. The price for the offered shares will be determined after the book-building period.
Last September, the Capital Market Authority approved the company’s IPO application. The Saudi Exchange had earlier approved Nayifat’s application to list its shares on the main market last April.
HSBC Saudi Arabia has been appointed as the financial advisor and lead bookrunner for the public offering.
Nayifat is a non-banking financial institution that offers Shariah-compliant products, including consumer finance, credit cards, SME financing and fintech lending.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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