Riyadh – Mubasher: Nayifat Finance Company announced plans to float part of its shares in an initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).

The planned IPO will comprise 36.5 million ordinary new shares, representing 30.041% of the company’s share capital after the offering, according to a statement on Monday. 

The institutional book building is scheduled to begin on 24 June, while final allocations are expected to be on 18 July, the company revealed.

On 31 March, the Capital Market Authority (CMA) has given its approval for the offering, the statement added.

The net proceeds due to the Riyadh-based firm will be directed to increase its financing portfolio and add credit cards to its product range.

After the offering, the company’s capital will be raised to SAR 1.215 billion distributed over 1.215 billion ordinary shares.