- DUBAI: United Electronics Company (eXtra), one of the largest consumer electronics retailers in Saudi Arabia, will launch a 30 percent initial public offering in December, a statement from the company said.
The bookbuild-structured offering, which will see 7.2 million shares sold to the public, will take place between Dec 5 and Dec 11.
Under a bookbuild process, a price for the shares is determined during a marketing period prior to the launch of the offer period.
HSBC Saudi Arabia is lead manager and lead underwriter for the IPO, with Blominvest Saudi Arabia acting as co-underwriter.
Mohammed Galal, chief executive of eXtra, said in March that the company was planning an IPO in the second half of 2011 to fund store expansion in Saudi Arabia and the wider Middle East.
The company had an annual turnover of over SR2 billion ($533.3 million) in the year to June 2011 and earnings of SR126.5 million, according to the statement.