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IPO values Saudi’s Al-Khodari group at $544 mln

Khodari would sell 12.75 million shares, or 30 percent of its capital, to the public over the October 4-10 period-says official.

September 29, 2010 8:53 by



Saudi-based Al-Khodari and Sons Co will sell shares to the public at 48 riyals ($12.80) each, valuing the contractor at 2.04 billion riyals ($544 million), a lead manager official said on Tuesday.

“The book-building process has valued Al-Khodari’s shares at 48 riyals each, which is at the bottom of the 48-51 riyals offered range,” said the official.

An official at Riyadh-based GIB Financial Services said in July that family-owned Khodari would sell 12.75 million shares, or 30 percent of its capital, to the public over the October 4-10 period.

(Reporting by Souhail Karam; Editing by Firouz Sedarat)



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