‎Qualified investors start subscription to 1 mln Riyadh Steel shares today

‎Qualified investors start subscription to 1 mln Riyadh Steel shares today

Qualified investors start today, Nov. 5, subscription to one million shares, or 20% of Riyadh Steel Co.’s SAR 50 million share capital, on the Nomu-Parallel Market.

The subscription period will run nine days until Nov. 13.

Riyadh Steel’s IPO is the 24th on Nomu this year.

Nomu saw 19 IPOs last year, including Gas Arabian Services Co., Raoom Trading Co., Al-Jouf Mineral Water Bottling Co., Arabian International Healthcare Holding Co. (Tibbiyah), Arabian Food & Dairy Factories Co. (FADECO), Ladun Investment Co., Amwaj International Co., Saudi Networkers Services Co., International Human Resources Co. (IHR), Naba Alsaha Medical Services Co., Arabian Plastic Industrial Co. (APICO), AlBabtain Food, Knowledge Tower, as well as Molan Steel Co., Saudi Top Trading Co., Leen Alkheir Trading Co., Nofoth Food Products Co., in addition to Alwaha REIT Fund.

In June, the Capital Market Authority (CMA) approved the company’s application to offer shares on Nomu.

The subscription is limited to certain categories of investors, including capital market institutions authorized to act on their own account, as well as clients of capital market institutions authorized to carry out management operations, provided that they are appointed under terms that enable them to take decisions related to accepting the participation in the share offering and investment