Logo of Naqi Water Co.

Naqi Water Co. plans to proceed with the initial public offering (IPO) and listing of its ordinary shares on the Saudi Exchange (Tadawul), AlJazira Capital, the financial advisor, lead manager, bookrunner and underwriter on the planned offering, said.

 

The company is expected to sell six million ordinary shares, or 30% of its capital, the company noted.

 

Tadawul approved the company’s listing application on Feb. 14. The Capital Market Authority (CMA) also gave the green light, on May 25, for the planned 30% stake sale, AlJazira Capital added.

 

The final offer price will be determined after the book-building period, it added.

 

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