Saudi Arabia's markets regulator approves three more IPOs
Mawarid Manpower, Morabaha Marina Financing, and Saudi Lime Industries were granted approval for public listing.
Saudi Arabia’s Capital Market Authority (CMA) approved three more initial public offerings (IPOs) as the wave of public listing continues in the kingdom's stock market.
According to Zawya, the companies approved for IPO were Mawarid Manpower Co (MMC), Morabaha Marina Financing Co (MMFC), and Saudi Lime Industries Company. Morabaha and Mawarid will be listed on the Saudi main exchange Tadawul, while the Saudi Lime Industries Company’s application would list on the Nomu Parallel Market.
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As per CMA's official statement, Mawarid applied to offer 4.5 million shares representing 30% of its capital, Morabaha offered 21.43 million shares, or 30% of its capital, on Tadawul. Saudi Lime Industries Company’s application was approved to offer 2 million shares representing 9.09% of the company's capital in the Nomu Parallel Market.
The listing wave in the kingdom saw a record rise as the CMA approved almost 17 IPOs in the first half of 2022, generating almost $5.07 million. In 2021, the total number of IPOs was 15 which raised almost $5 billion.
Founded in 2012, Mawarid Manpower is a closed joint-stock company that provides employment services in the business sector.
MMFC is a Shariah-compliant financing platform offering a wide range of services to individuals, as well as small- and medium-sized enterprises (SMEs). It was founded in 2012 as well.
Saudi Lime Industries Co is a private enterprise that provides limestone products across the GCC countries. It was founded in 1977.
Edited by Kanishk Singh
