Al Majed for Oud is offering 7,500,000 shares to investors – equivalent to 30 per cent of the company’s paid-up capital – at a price range of SAR90 to SAR94
The deal’s value could rise to $13.1bn at the top end under a greenshoe option, which would allow the sale of nearly 1.7 billion shares
The company’s shares started trading at Dhs1.70, against its IPO price of Dhs1.53, the top end of the price range
The GCC region is set to see more equity capital markets activity in 2024 as more companies are considering public listings amid a global slowdown