A new IPO or Intital Public offering is in the making. This time, it is from a mining company in the Middle East. The State-owned Saudi Arabian Mining Co (Maaden) plans to raise 9.25 billion riyals ($2.47 billion) in July in the Middle East's biggest mining IPO, valuing the firm at $4.9 billion.
What is the size of the Maaden IPO?
The Maaden IPO is expected to raise money in the range of 9.25 billion Riyals ( approx. 2.48 billion USD)
When is the Maaden IPO expected to open for subscription?
The Maaden IPO is expected to hit the markets sometimes in July. The sale starts July 5 and ends July 14
What are the market standings of Maaden IPO?
As per the Guardian, Maaden is a partner in an aluminium venture with Rio Tinto Alcan. Last April, Maaden agreed with Canada's Alcan -- before it was taken over by Rio Tinto -- to develop what would be one of the world's largest aluminium projects at a cost of $7 billion. That includes a smelter, an alumina refinery and a power station.
Maaden, which generates most of its revenue from gold production, is developing projects -- including phosphate mining -- worth about 44 billion riyals, as the world's largest oil exporter seeks to diversify its economy from energy.
The phosphate venture with state-controlled Saudi Basic Industries Corp will cost about 17 billion riyals.
How many shares will be offered for sale through Maaden IPO?
Maaden will offer Saudi institutional and individual investors 462.5 million of stock -- equivalent to 50 percent of its share capital
What is the price band of Maaden IPO shares?
The Maaden IPO shares will be offered at a price of 20 Riyals per share.
| The share sale, on which JPMorgan Chase & Co was advising, was initially planned for last year, and put at between $1.9 billion and $2.5 billion. | Table of Contents |
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