Several leading private Saudi companies are preparing to go public by launching IPOs following the successful flotation of dairy company Al Marai in July.
This was not the first to be underwritten – that was another dairy producer, Sadafco, earlier this year – but it did break new ground by being underwritten by a syndicate of banks.
Even more important, the $614 million offering was the first occasion on which a Saudi limited liability company converted to a joint stock company at the same time as going public through an IPO.
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