CMA approves Al Battal Factory’s 20% IPO on Nomu

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The Capital Market Authority (CMA) approved Al Battal Factory for Chemical Industries Co.'s application to register and offer 670,000 shares, or 20.09% of its capital, on the Nomu-Parallel Market.

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The offering will be confined to qualified investors, and the prospectus will be published within the stipulated period prior to the offering, the market regulator said in a statement today, Sept. 18.

The CMA’s approval is valid for six months and will be cancelled if the offering and listing are not finalized within this period.

Al Battal Factory for Chemical Industries is a subsidiary of Al Battal Holding Co. It was established in cooperation with Saudi Aramco.

According to the company's website, Al Battal Factory is specialized in the production and marketing of high-quality cellulose ether products such as polyanionic cellulose (PAC) and carboxymethyl cellulose (CMC). It is considered the first manufacturing facility for this product in the GCC.

The company began operating at full capacity since January 2012 with a capacity of 5,000 tons per year. The factory is now operating at full capacity, and its production capacity exceeded 20,000 tons by the end of 2018.