Saudi Arabia's Petrochem IPO to be launched on July 18

Procedures are near completion for Saudi Arabia's National Petrochemicals Co's (Petrochem) share sale scheduled to run from July 18 to July 24. Riyad Capital, the lead manager of the 2.4 bln Saudi riyals (US$640.9 mln) initial public offering (IPO), has appointed the receiving banks for the IPO. Petrochem will offer 50% of the 480 million shares in the IPO. Saudi state-run Public Pension Agency and General Organization for Social Insurance will be allocated 80 million shares each and the remaining 80 million shares will be offered to the public at 10 Saudi riyals each.
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