GIB Financial Services has been appointed as financial adviser, lead manager and co-underwriter for Al-Khodari’s planned listing on the Saudi Arabian Stock Exchange (Tadawul) in October.      

The integrated construction and manufacturing company announced on 1 July that it will float a 30 per cent stake, (equivalent to a total of 12.75 million shares), between the 4 and 10 October this year.  

A book-building process will determine the pricing of the shares, but only Saudi nationals and Saudi-registered financial firms can buy into the initial public offering (IPO).

GIB Financial Services is a wholly owned subsidiary of Bahrain’s Gulf International Bank (GIB).

Knowledge Economic City (KEC), one of the kingdom’s six planned economic cities, raised SR1.02bn ($272m) in the most recent IPO in Saudi Arabia.

It was 165 per cent oversubscribed when it closed on 30 May, making it the country’s largest IPO over the past 10 months. It is expected to be the biggest this year.