By Mouaaz bin Saad

Riyadh-Mubasher: SACO, a Saudi hardware retailing and wholesaling business, will launch its initial public offering (IPO) on Wednesday, through which a total of 7.2 million shares, or 30% of issued capital, will be floated at SAR 70 each.

The offering will continue until 28 April.

The IPO is the second in 2015 after that of Mepco, which issued 15 million shares, or 30% of capital, from 8-14 April.

SACO has signed an underwriting agreement with HSBC Saudi Arabia for its subscription.

Translated by Abdul Maguid Aboshahla