Saudi CMA Approves 3 New IPOs in One Day

Saudi Arabia’s Capital Market Authority (CMA) has confirmed three new IPOs, indicating continued robust activity in the kingdom’s capital market.

The market regulator issued resolutions on Wednesday approving the registration and offering of shares for Zahr Al Khuzama Aluminum Company, Quality Education Company and Sahat Almajad Company Trading on the Saudi Stock Exchange (Tadawul) Parallel Market, Nomu.

Zahr Al Khuzama is looking to sell 300,000 shares, representing a 20% stake, while Quality Education and Sahat Almajd will be offering 2.5 million (20%) and 4.375 million (11.11%) shares, respectively.

All three share offerings will be confined to qualified investors. The prospectuses are to be published ahead of the offerings.

The latest approvals underscore the ongoing positive sentiment in Saudi Arabia’s capital markets despite global volatility.

During the first three months of the year, Saudi Arabia posted $1.1 billion in proceeds from IPOs, accounting for 69% of the total for the GCC, according to PwC Middle East.