Dubai (Reuters) – Saudi Arabia’s Morabaha Marina Financing Company said on Sunday it is seeking to raise up to $83.4 million in an initial public offering on the Tadawul (.TASI) exchange to strengthen its capital base and support future growth.
The independent non-bank finance institution plans to sell a 30% stake, or 21.4 million shares, in a price range between 13 riyals ($3.47) and 14.6 riyals per share, implying a total offer size of 278.6 million riyals ($74.29 million) to 312.9 million riyals, it said in a statement.
The final offer price is expected to be announced on May 21 following an institutional bookbuilding process. The company did not disclose an expected trading date.
Net proceeds from the share sale will be used to strengthen the company’s capital base to support future growth.
Morabaha Marina Financing Company offers Sharia-compliant financial services to individuals and small and medium sized enterprises in Saudi Arabia.