The eXtra offering consists of 7.2 million shares, representing 30 percent of the company's share capital.

Following the completion of the book building process, the share price has been set at SR55, representing SR10 par value and a premium of SR45.

The minimum subscription is 10 shares, while the maximum subscription is 250,000 shares.

All Saudi citizens can subscribe at any of the following seven receiving banks: Saudi British Bank, National Commercial Bank, Arab National Bank, Samba Financial Group, Banque Saudi Fransi, Al-Rajhi Bank and Riyad Bank.

"This offering is an extremely important moment in the history of eXtra, which also represents a signal opportunity for Saudi investors to participate in the ongoing growth story of this company that they know so well," said Abdullah A. Al-Fozan, chairman, United Electronics Company (eXtra).

Al-Fozan said the company would continue to grow its footprint in the Kingdom in the years to come.

"As our expansion continues and as we move toward becoming a publicly listed company, we will ensure that we remain focused on delivering the eXtra promise."

Kareem Madi, associate director, investment banking advisory, HSBC Saudi Arabia Ltd., said: Based on the strength of eXtra's management team and continued progression in both revenues and profits, we anticipate significant demand for the company's shares.”

HSBC Saudi Arabia is serving as financial adviser, lead manager and lead underwriter for the IPO.