Saudi Arabia’s market regulator CMA has approved a request from Saudi Company for Hardware (SACO) to launch an initial public offering for 7.2 million shares representing 30% of the company’s capital.

A portion of the offered shares will be allocated to mutual funds and authorised persons, CMA added in a statement issued Wednesday.

The company's shares will be offered during the period of 22-28 April, upon the completion of the book-building process.

SACO’s prospectus will be published within sufficient time prior to the start of the subscription period.