East Pipes Integrated Company for Industry plans an initial public offering of 6.3 million shares, representing 30% of capital, on the Saudi Exchange's (Tadawul) main market, said SNB Capital.

 

SNB Capital will act as financial advisor, bookrunner, lead manager, and underwriter for the potential IPO.

 

The offering is expected to comprise a sale of existing shares and result in a free float of 30%.

 

The company obtained on Aug. 8, 2021, Tadawul's approval on its application for the shares listing. It was also cleared by the Capital Market Authority (CMA) on Sept. 29, 2021.

 

The price at which all subscribers in the offering will purchase the shares will be determined at the end of the book-building period, SNB Capital added.

 

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