Saudi Arabia’s Marafiq to list shares on Tadawul amid regional IPO boom – The National

Saudi Arabia’s Marafiq to list shares on Tadawul amid regional IPO boom – The National

Saudi Arabia-based Power and Water Utility Company for Jubail and Yanbu is pushing ahead with plans to list its shares on the Tadawul stock exchange amid continued initial public offering momentum in the region's equity markets.

The utility, known as Marafiq, received the regulatory approval for the public float on September 26, and plans to list 30 per cent of its share capital, or 73,094,500 ordinary shares, it said in a statement on Sunday.

The state-backed entity counts the kingdom’s sovereign investment fund the Public Investment Fund, the Royal Commission for Jubail and Yanbu, Saudi Aramco’s subsidiary Aramco Power Company and the Saudi Basic Industries Corporation (Sabic) among its shareholders, each with a 24.81 per cent stake.