United Carton Industries Company (UCIC), the largest corrugated carton manufacturer in the Middle East and North Africa region, on Tuesday announced its intention to proceed with the initial public offering (IPO) and the listing of its ordinary shares on the Main Market of the Saudi Exchange.

 

On December 16, 2024, the CMA had approved the company’s application for the registration and offer of 12,000,000 shares, representing 30% of the company’s total issued share capital, by way of the sale of existing shares by the company’s selling shareholders. The company also received the Saudi Exchange’s conditional approval on December 8, 2024 to list on the Main Market of the Saudi Exchange.

 

The final price of the offer shares will be determined following the book-building period, which will commence on Tuesday, April 22, 2025, and will end on Monday April 28.

 

The IPO proceeds shall be distributed to the selling shareholders after deduction of the offer expenses in proportion to the number of offer shares to be sold by each of them. The company shall not receive any part of the proceeds. 

 

The company has appointed Al Rajhi Capital as its financial advisor, lead manager, bookrunner, and underwriter in connection with the offering.

 

Any offer shares that are not subscribed for by individual investors or participating parties shall be purchased by the Financial Advisor, in its capacity as underwriter.  - TradeArabia News Service