Saudi brokerage firm Derayah Financial sets IPO price range at up to $8 per share.

Saudi Arabia’s independent digital investment platform Derayah Financial Co. has set the price range for its initial public offering at SR27 ($7.20) to SR30 per share, valuing the company at up to SR7.49 billion. 

The institutional book-building period will run from Feb. 2— 9, with the final offer price determined thereafter, the company said in a statement. 

The offering, comprising 49.95 million shares — equivalent to 20 percent of the company’s issued share capital — is expected to raise between SR1.35 billion and SR1.50 billion. 

Derayah Financial’s planned IPO aligns with Saudi Arabia’s broader push to develop its fintech sector, which has seen significant growth in recent years. 

Source: ARABNEWS