Riyadh – Mubasher: Arabian Centres Company, the Saudi shopping malls operator owned by Fawaz Alhokair Group, will start its initial public offering (IPO) for retail investors on Thursday, 9 May.

The IPO will extend only until 11:59 pm Saudi time, at SAR 26 a share, the firm said in a statement.

In mid-April, the Saudi Capital Market Authority (CMA) approved Arabian Centres’ request to float 95 million shares, representing 20% of the company’s capital in an IPO.

Retail investors will subscribe to 9.5 million shares.

Arabian Centres noted that around 90% of the total IPO will be allocated for institutions, while the rest will be offered to retail investors.

Around 65 million shares will be sold by existing shareholders, while 30 million shares will be issued by the Saudi companies through a capital hike.

Subscription will be available at the following banks: Samba Financial Group, and the National Commercial Bank.