Riyadh Cables Group intends to offer its shares for an initial public offering in the Saudi market, aiming to raise about $400 million.
According to Bloomberg Agency, sources said that the company, which manufactures and exports electricity and communications cables, is working with Riyad Capital and Hema Capital on the proposed listing, which may take place as soon as this year, noting that more banks can be added at a later time.
Riyadh Cables joins a long list of companies looking to go public in Saudi Arabia, the region's largest market.
Middle East listings brought in $16.4 billion in 2022, and the region is on track for its best year in IPOs since 2019, when Saudi Aramco raised $29.4 billion, according to data compiled by Bloomberg.
The data showed that out of 33 initial public offerings in the Gulf this year, the Saudi stock market accounted for 22 of them.
It is noteworthy that the Riyadh Cables Group, established in 1984, had initially planned for an initial public offering in 2015, and most of it is owned by the Al-Zaeem family.
