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. ($1 = 3.7501 riyals) (Reporting by Rachna Uppal; Editing by Mike Harrison)
DUBAI, May 14 (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 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.
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