Finance Aluminium producer Talco announces Saudi IPO By Gavin Gibbon May 17, 2024, 12:28 PM Alamy via Reuters Saudi aluminium producer Talco is offering 12 million shares Riyadh company offering 30% stake Saudi dominates Mena IPO scene 21 listings announced this year Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. Registration and book-building will take place from May 20-23 after which the IPO price will be determined. The retail investor share sale will be held from May 28-29. NewsletterGet the Best of AGBI delivered straight to your inbox every week Plans to list were approved by Saudi Arabia’s capital markets authority (CMA) in December last year. Saudi Arabia is experiencing a rush of public listings. Earlier this week it was revealed that the listing of healthcare conglomerate Fakeeh Care Group was 119 times oversubscribed by institutional investors. Dubai’s Spinneys plans Saudi entry as profit rises 13% Saudi staffing company Smasco plans $240m from IPO Saudi water major Miahona plans IPO Saudi Arabia has dominated the IPO scene in the region in the first quarter of the year. Nine companies were brought to market in the kingdom during the opening three months, according to the latest report from global consultants EY. In total 21 IPOs from the kingdom have been announced for 2024. “We can see a very healthy pipeline of IPOs, not just only small and large, but different sectors and in different cycles of their journey from being private to being public,” said Saudi Exchange CEO Mohammed Al-Rumaih.
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] 4 hours ago
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