Saudi’s Morabaha Marina aims to raise up to $83.4 million in IPO -statement – Reuters

Saudi’s Morabaha Marina aims to raise up to $83.4 million in IPO -statement – Reuters

DUBAI, May 14 (Reuters) - Saudi Arabia's Morabaha Marina Financing Company said on Sunday it is seeking to raise up to $83.4 million in an initial public offering on the Tadawul (.TASI) exchange to strengthen its capital base and support future growth.

The independent non-bank finance institution plans to sell a 30% stake, or 21.4 million shares, in a price range between 13 riyals ($3.47) and 14.6 riyals per share, implying a total offer size of 278.6 million riyals ($74.29 million) to 312.9 million riyals, it said in a statement.

The final offer price is expected to be announced on May 21 following an institutional bookbuilding process. The company did not disclose an expected trading date.