Sipchem to price IPO at Riyal55/share

28 August 2006 05:15  [Source: ICIS news]

DUBAI (ICIS news)--Saudi International Petrochemical Company (Sipchem) will offer 30% of its share capital in an initial public offering next month at Riyal55 ($14.7/Euro11.5) a share, a senior company official said on Saturday.

“The nominal share value is Riyal10 and the premium is Riyal45 for a total offer price of Riyal55 per share,” said Rashid M. Al-Dossari, Sipchem general manager, public relations & corporate affairs.

The offering of 45m shares on Saudi Arabia’s Tadawul stock exchange will be open for subscription from 9-18 September. In a statement last week the company had said that share applications would be a minimum of 10 and a maximum of 25,000 shares.

Al-Dossari said the company would not receive any of the offering proceeds.

“The proceeds of the offering (net of transactional costs) would be paid to the selling shareholders on a pro rata basis” based on the number of shares sold by the shareholders in the offering, he added.

The National Commercial Bank is the financial advisor, lead manager and lead underwriter of this offering.

Sipchem is building a large integrated petrochemicals complex at Al Jubail 2 industrial city, consisting of a 1.2m tonnes/year cracker and various downstream units.

By: Anuradha Rao
+65 6780 4359

< previous article(ICIS Podcast: Chemical News Central 2 November 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly