The Clap
Riyadh Cables Group, a manufacturer and exporter of electrical and telecommunications cables, is planning an IPO which could raise about $400 million, according to Bloomberg.
The Deets
According to sources, the group is working with “Riyad Capital” and “Himmah Capital” on the proposed IPO, which could take place as early as this year.
Riyadh Cables
Riyadh Cables was established in 1984 in the second industrial city of Riyadh, where it owns several factories in KSA and a factory in the UAE.
The company was initially looking to IPO in 2015 when KSA opened the Tadawul for foreign investors.
Why this Matters
Riyadh Cables joins a long list of companies looking to go public in Saudi Arabia.
KSA is the largest market in the Gulf region in terms of offerings.
Rising oil prices and investor inflows led to a large number of listings across the Gulf, as opposed to the slowdown in IPOs globally in light of the growing fears of recession and inflation.
