Saudi Arabia’s Riyadh Cables Group, a manufacturer and exporter of power and telecommunications cables, is planning a listing.
The proposed initial public offering (IPO) is aimed at raising about $400 million in the kingdom, Bloomberg reported, according to people familiar with the matter.
“Riyadh Cables, founded in 1984, had initially planned a domestic IPO in 2015, when the country opened its stock market to international investors,” Bloomberg reported previously.
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The cable company is currently working with Riyad Capital and Himmah Capital on the listing, which is expected to come this year, the undisclosed Bloomberg sources said, adding that more banks could be added later on.
Riyadh Cables, which is majority-owned by the kingdom’s AlZaim family, joins several companies who aim to public in the kingdom, which is also the Gulf’s biggest market for share sales.
High oil prices since the beginning of the year and investor inflows have been key drivers in the many listings that have surfaced so far across the Gulf countries, despite inflation and fears of recession.
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