Nayifat Finance to proceed with IPO of 35 mln shares in Saudi Exchange

HSBC Saudi Arabia, in its capacity as the Financial Advisor, Lead Bookrunner, Lead Manager and Lead Underwriter on the potential initial public offering of Nayifat Finance Company, announced on Tuesday the Company’s intention to proceed with the initial public offering and listing of its ordinary shares (“Shares”) on the Main Market of the Saudi Exchange.

The offering will comprise a sale of existing shares and result in a free float of 35% of the Company’s share capital.

The Saudi Exchange approved the Company’s application for the listing of the shares on the Main Market on 5 April 2021.

The Capital Market Authority (“CMA”) approved the Company’s application for the initial public offering of 35,000,000 ordinary shares (representing 35% of the Company’s share capital) on 29 September 2021.

The price at which all subscribers in the offering will purchase the shares will be determined after the bookbuilding period.