‎Al Ittefaq Steel eyes IPO on Tadawul, market share hits 25%: exec

‎Al Ittefaq Steel eyes IPO on Tadawul, market share hits 25%: exec

Al Ittefaq Steel Products Co. (ISPC) intends to float a portion of its shares on the Saudi Exchange (Tadawul), Jassim Al Abbas, General Manager of Business Development, Sales and Marketing, told Argaam.

He added that ISPC is valued at more than SAR 8 billion, Al Abbas said, adding that Hilal Al-Tuwairqi owns nearly 60% of the company’s capital and the remaining 40% is held by other investors, including Jarir Marketing Co.

ISPC is set to sign an agreement with a financial advisor to manage its initial public offering (IPO), the executive said, adding that the subscription study and preparation for the regulatory requirements may last until 2023.

“If things go as expected, the offering may be completed in the first quarter of 2024,” the official noted.

The firm holds currently 25% of the Saudi market's production capacity, which amounts to nearly seven million tons per annum (tpa) of rebar.

Al Ittefaq Steel factories produce two million tpa of iron blocks and three million tpa of reinforcing iron, while Al-Faisal Factory produces 500,000 tpa of conventional iron products.

ISPC exports its products to the GCC region and Egypt. It is the only Saudi company that exported iron products to Myanmar and Hong Kong.

The company supplies about 50,000