Saudi Arabia's Advanced Polypropylene Co (APPC) plans to float 66.37 million new shares at SR10 each (US$2.67) to raise its capital by 46.95%.
Subscription for the new shares will be open only to Saudi investors from November 25 to December 4. The firm has appointed Gulf International Bank as financial adviser to the IPO and Samba Financial Group as lead manager. APPC's shares are estimated to be priced at 10 riyals because it was a greenfield IPO. APPC's main shareholders are private firms Chemicals House Co. and the National Polypropylene Company Ltd as well as a fund of the Islamic Development Bank (IDB).
20-Nov-06 
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