Saudi Arabia’s Amwaj International plans IPO book-building late May

RIYADH: As the wave of Saudi initial public offerings continues, Amwaj International Co. said it plans to start book-building next month.

Riyadh-headquartered Amwaj International, which is the commercial unit of Zahran Holding Co., sells and distributes electronic and home appliances.

Aiming to float 10 percent of its capital on Saudi Arabia’s parallel market, the company will run its book-building period for four days starting May 22, according to a bourse filing.

Marifa Capital is acting as the financial advisor for the potential offering, which was approved by the Capital Market Authority last month.