Riyadh – Mubasher: Al-Samaani Factory for Metal Industries has received the proceeds of the initial public offering (IPO) of a value of SAR 17.55 million on Tuesday.

The net proceeds will be injected into the company's activities after deducting the expenses of the offering and listing, according to a bourse filing on Thursday.

The aforementioned will be used in adding new production lines, in addition to investing in logistic service activities.

The company noted that the financial impact of the proceeds on the addition of new lines will appear in the fourth quarter of this year, while the impact of the investment will appear in the second quarter of 2018.