ZAWYA: Saudi Arabia’s UCIC to debut on Tadawul on May 27

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Staff Writer

Saudi Arabia’s United Carton Industries Company’s (UCIC) 600 million Saudi riyal ($160 million) IPO will debut on the Main Market on May 27, in what will be the sixth listing on Tadawul this year.

The cardboard packaging manufacturer set the final IPO price at SAR 50 per share, implying a market capitalisation of SAR 2 billion at listing.

CEO Mohnish Rikhy said the proceeds from the IPO will allow UCIC to scale operations and expand its product portfolio.

(Writing by Bindu Rai, editing by Brinda Darasha)

bindu.rai@lseg.com

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