‎Qualified investors start subscription to 532,400 shares of Molan Steel today

‎Qualified investors start subscription to 532,400 shares of Molan Steel today

Qualified investors start today, Nov. 20, subscription to 532,400 shares, or 20.02% of total shares, of Molan Steel Co. on Nomu-Parallel Market, with an initial public offering (IPO) price range of SAR 18-24 per share.

The subscription period will run for three days until Nov. 22.

The company is offering 532,414 ordinary shares, representing 20.02% of its post-IPO capital and 23.15% of its pre-IPO capital. This will take place through increasing the company’s capital from SAR 23 million to SAR 26 million via issuing 360,000 ordinary shares, in addition to selling 172,400 shares held by Namaa Kalda Trading, Contracting and Real Estate Co., one of Molan steel’s shareholders.

On Sept. 26, the Capital Market Authority (CMA) approved the company’s application to offer shares on Nomu.

Molan Steel is the 14th IPO on Nomu since the beginning of the year, following the listing of Gas Arabian Services Co. on Jan. 23, Raoom Trading Co. on Jan. 30, Al-Jouf Mineral Water Bottling Co. on Feb. 6, Arabian International Healthcare Holding Co. (Tibbiyah) on Feb. 15, Arabian Food & Dairy Factories Co. (FADECO) on May 11, Ladun Investment Co. and Amwaj International Co. on May 22, Saudi Networkers Services Co. on July 24, International Human Resources Co.