EEC, a consortium led by Dubai-based Emaar Properties, is developing the $26,600 million King Abdullah Economic City near Rabigh. The company has a share capital of SR 8,500 ($2,266 million) and will offer 255 million shares at a nominal value of SR 10 ($2.60).

Subscription to the IPO will open on 22 July and last for 10 days, with minimum investment set at SR 500 ($133) and the maximum at SR 250,000 ($66,659). HSBC with SABB is the financial adviser, lead manager and lead underwriter for the offering. SABB will underwrite 50 per cent of the offering, equivalent to SR 1,275 million ($339.9 million), and leads an underwriting syndicate, including Riyad Bank and The National Commercial Bank.

The IPO of 9 million shares of Red Sea Housing will open on 12 August. Swicorp is the financial adviser and Saudi Hollandi Bank is the underwriter. The Sipchem offering, for which NCB is the financial adviser and underwriter, will follow on 9 September. The petrochemicals company will offer 45 million shares and plans to use the capital raised to fund expansion projects, including a new acetyls complex at Jubail (MEED 30:6:06). Al-Hokair plans to offer 12 million shares for 10 days from 7 October. HSBC with SABB is the financial adviser.

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