Saudi market regulator cancels Arabian Contracting’s IPO

The Saudi Capital Market Authority (CMA) cancelled on Wednesday Arabian Contracting Services’ initial public offering (IPO), based on the company’s request.

The decision came after the company said it needed to assess new information, which was not disclosed in the draft prospectus initially submitted to the CMA upon approval.

Arabian Contracting said it will reconsider the new data's material impact on its operations and financial performance.

Earlier this month, Argaam had reported on the CMA's approval of the IPO. The company was preparing to offer 30 percent of its capital, or 16.5 million shares.