Saudi Arabia’s Hail Cement Company (HCC) has chosen Bahrain’s Gulf International Bank (GIB) as financial adviser for its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).

The IPO will take place on 20 September and the subscription period will end on 26 September. The total size of the offering is 50 per cent of the company valued at SR489.5m ($130.5m). Shares will be offered at SR10 a share.

GIB is the only investment bank in Saudi Arabia that has executed at least one IPO transaction every year since 2008. Most recently, it acted as financial adviser to Abdullah AM al-Khodari Sons Company for its IPO in 2010, which was the largest premium IPO in Saudi Arabia in three years.

“While the global and regional markets have faced difficulties since 2008, GIB financial services has demonstrated its commitment to the Saudi capital market and to its clients by bringing investment opportunities to investors,” says Yahya Alyahya, chief executive officer of GIB.