Al-Dakhil Financial Group, in its capacity as the financial advisor for the initial public offering of Group Five Saudi Pipes Company in the Nomu Parallel Market, has completed the offering of 2.8 million ordinary shares representing 10% of the company’s capital at a price of 35 riyals per share.
According to Arab Net, Al-Dakhil Financial stated in a statement that the coverage ratio amounted to 1,207.77% of the total shares offered during the subscription period from Sunday, November 14 to Thursday, November 18. 2021.
Al-Dakhil Financial Group, in its capacity as the financial advisor, will complete the necessary procedures with the Saudi Tadawul Group, and then set a date for listing the company's shares in the parallel market.
Saudi Group Five Pipes works on the production, sale and marketing of spiral-welded steel pipes, and its factory is considered a leader in the production of steel pipes in the Kingdom of Saudi Arabia and the countries of the Gulf Cooperation Council, and its capacity reaches The productivity is 550 thousand metric tons annually.
Group Five deals with a number of clients inside and outside the Kingdom, and the main clients in most of them are Saudi institutions affiliated with government agencies, or public corporations projects in the field. , Saudi Aramco, and others.
The company said that it intends to be one of the largest steel pipe producers in the Middle East, conforming to various international standards.
Group Five was established as a mixed limited liability company in 2000, with a capital of 30 million riyals in Dammam, and later increased its capital to 90 million riyals. .
In 2020, the company increased its capital to 280 million riyals.
In 2021, Group Five turned into a closed joint stock company, with a capital of 280 million riyals, divided into 28 million ordinary shares, fully paid in value.
