Saudi Regulator Approves Petrochem's IPO

The Saudi Capital Market Authority (CMA) has announced an initial public offering (IPO) of shares in Saudi National Petrochemical Co. (Petrochem). The IPO will raise SR2.4 billion ($640 million) by offering 240 million shares to investors from July 18 through July 24 at SR10 per share. This represents 50% of the company's total outstanding shares, the CMA says. Petrochem is a new joint stock company incorporated in Saudi Arabia, which will own 65% in Saudi Polymers Co. (SPC), another recently created limited liability company, currently building a large...

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