Saudi's Service Equipment to proceed with 30% IPO in April
Saudi Arabia's Service Equipment Company will proceed with its 30% initial public offering (IPO) and listing of shares on the Parallel Market Nomu.
The company will offer 720,000 ordinary shares from April 13 to 17, 2024, according to its financial advisor, Yaqeen Capital, on Tuesday.
Last December 2024, the Saudi Exchange approved Service Equipment's application to launch an IPO. The share offering will be limited to qualified investors.
Headquartered in Jeddah, the company specialises in providing supplies, including maintenance equipment and accessories, to automotive garages/ workshops and fuel stations.
Service Equipment was established in 1980 with a paid-in capital of SAR 24 million ($6.4 million).
(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com
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