May 8, 2019 / 8:08 AM / 3 months ago

Saudi Arabia's Arabian Centres IPO priced at lower end of range-sources

DUBAI, May 8 (Reuters) - Saudi Arabian mall operator Arabian Centres has priced its initial public offering at the lower end of an indicative price range, which means the deal would raise 2.47 billion riyals ($659 million), two sources said.

The company priced its IPO at 26 riyals per share, the sources said, against an earlier price range of 26 riyals to 33 riyals per share for the sale of 95 million shares.

Arabian Centres, owned by the Fawaz Alhokair Group, is the first offering in the kingdom under Rule 144a, which allows the sale of securities primarily to qualified institutional buyers in the United States. ($1 = 3.7503 riyals) (Reporting by Hadeel Al Sayegh and Saeed Azhar, editing by Louise Heavens)

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