Saudi Steel Pipes to seek $106.7m in IPO

SSP IPO: Saudi Steel Pipes confirm's 400 million riyals IPO with 31.4% stake set to be sold. (Getty Images)

Saudi Steel Pipes Co will seek to raise 400 million riyals ($106.7 million) from the sale of a 31.4 percent stake in an IPO which starts on Saturday, the company said on Monday.

The firm will sell 16 million new shares to local investors at 25 riyals each, it said in a statement.

The share price values the company at 1.275 billion riyals.

Saudi banks will take subscriptions for the IPO from June 27 until July 3.

Founded in in 1980, the company produces HFI (high frequency induction) welded steel pipe serving the region's oil and gas, construction, and other industries.

The company currently has a production capacity of 160,000 metric tons of HFI welded steel pipe drawing from four production lines for a size range from 1/2" to 16".

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