The company will be floated at a value of SR20 ($5.33) a share, with 463 million shares up for sale. The IPO is being led by JP Morgan as the financial adviser and will value the company at $4.9bn. The IPO will begin on 5 July. The remaining 50 per cent of Maaden’s shares will be held by the government-owned Public Investment Fund.

When the IPO is completed in mid-July, Saudi firms will have floated shares worth more than $8bn in the first half of the year, nearly double the amount raised through IPOs in the kingdom in the whole of 2007 (MEED 12:10:07).