Riyadh - Mubasher: Nayifat Finance Company (NFC) has intended to proceed with listing its ordinary shares on the Saudi Stock Exchange (Tadawul).

On 29 September 2021, NFC received the approval of the Capital Market Authority (CMA) for the initial public offering (IPO) of 35 million shares, accounting for 35% of the company’s issued share capital, according to a press release on Tuesday.

The potential IPO will enable the company to enhance its core consumer finance business and grow its portfolio of innovative financing solutions, including credit cards, SME lending, and its newly introduced FinTech crowdfunding platform (ULend).

The Chairman of NFC, Saud Al Dosari, said: "The Kingdom’s Vision 2030 has presented many opportunities, including a successful transformation of Saudi’s capital markets which created an investment environment that is at par with developed countries."

Meanwhile, the Managing Director and CEO of NFC, Abdulmohsen Al Sowailem, commented: "We will continue to focus on our core business while pursuing growth opportunities in the private and public sector. This IPO is the next stage of our development story, as it would further promote the NFC brand and support our expansion into FinTech, SME lending and credit card businesses.”