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Saudi Steel Pipes to seek $106.7m in IPO
- Saudi Arabia: Wednesday, June 24 - 2009 at 10:58
Saudi Steel Pipes has said it will seek to raise SR400 million ($106.7m) in an initial public offering of a 31.4% stake this week to help finance expansion plans worth SR646 million in partnership with other investors. The firm will offer 16 million new shares to local investors at SR25 riyals, fixed after a book-building process, would value the company at SR1.275 billion. Local banks will take subscription requests from June 27 until July 3.
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