The Electric Industries Company (EIC) will close today the book building process for its planned SAR 13.5 million initial public offering, in which it plans to float 30 percent of its capital.
The book building started on October 27, in which 13.5 million shares were offered to investors constituting around third of the company’s total capital of SAR 450 million.
The company will allocate a percentage to mutual funds and licensed investors, it said.
The IPO will take place on November 11-17 and a local newspaper had said the stock may be priced in the SAR 45-54 range.
The company announced plans last week to open new branches around MENA region to boost sales and help maintain its market share in Saudi market.
EIC controlled 52 percent of Saudi market of (electric) transformers in 2013.
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