Saudi market regulator approves 3 IPOs as listing boom continues

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RIYADH: Saudi Arabia’s Capital Market Authority has cleared three applications for initial public offerings in the midst of the current boom in bourse listings in the Kingdom.

The stock market regulator approved the application of Saudi cable producer Riyadh Cables Group, with 33 million shares to be offered on the main stock exchange, representing 22 percent of the firm’s capital.

Real estate developer Al Ramz Real Estate Co. will also offer over 3 million shares on Nomu-Parallel Market, amounting to 10 percent of its total capital, the CMA said in a statement.

Eying to be also listed on Nomu, Nofoth Food Products Co. will offer over 288,000 shares, equivalent to 12 percent of its total capital.