RIYADH: Saudi Arabia’s Capital Market Authority approved three initial public offerings in the midst of a listing wave on the Saudi bourses.
The market regulator has approved an application from Power and Water Utility Co. for Jubail and Yanbu to register and sell 73.09 million shares, or 29.24 percent of equity, on the Saudi Exchange, according to a CMA statement.
Saudi Top for Trading Co. has obtained the regulator’s approval to float 880,000 shares on Nomu-Parallel Market.
The CMA has also approved Molan Steel Co.’s application to register and offer 532,400 shares on Nomu-Parallel Market.
Saudi stock markets have been witnessing rising interest among companies to go public with its main market, TASI, listing 10 IPOs, whereas, the parallel market, Nomu, getting 11 IPOs listed so far this year.