Saudi Fransi Capital (SFC), financial adviser, book runner and underwriter for Bawan IPO, achieved 90.5 percent coverage of the available equity by the end of the fourth day of the IPO through its 377.9 thousand subscriber and 67.6 thousand subscription order, according to SFC’s CEO Yasser Ar-Rumayyan.

Bawan has a capital of SR500 million and is one of the major industrial groups in the building and construction sector across Saudi Arabia and the GCC with high capacity to meet development requirements.

The group consists of a number of specialized companies in manufacturing building material, equipment and other requirements, including ready concrete, prefabricated buildings, wooden products for packaging and industrial casting, decoration boards, as well as metallic products such as construction steel, metal doors and aluminum.

The group also provides electric products, such as transformers, power distribution, as well as low and medium voltage boards.