Saudi Arabian miner AMAK set to raise up to 1.25 billion riyals in IPO

Saudi Arabia’s Al Masane Al Kobra (AMAK) Mining Co is set to raise up to 1.25 billion riyals ($333.18 million) in its initial public offering, after the company disclosed it indicative price range on Wednesday.

The offering’s price range was set at 58 riyals to 63 riyals a share, according to a bourse filing.

The company is selling 19.8 million shares, representing a 30 percent stake to investors.

AMAK produces copper, zinc, silver, gold and other metals, according to its website.

Saudi Arabia has seen a surge of IPOs since it listed oil giant Saudi Aramco in a record $29.4 billion listing in 2019.

The country’s bourse operator Tadawul, which also listed last year, said in December it had 50 applications from companies for IPOs this year and is considering whether to allow blank-cheque companies, known as SPACs, to list.

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