Saudi Arabia-based Morabaha Marina Financing is seeking to raise as much as 312.9 million riyals ($83.4 million) from an initial public offering, even as concerns over market volatility prompt other firms in the kingdom to delay planned share sales.
The non-bank finance institution set the price range for its offering at 13-14.6 riyals per share, it said Sunday in a statement. Morabaha plans to sell a 30% stake, or 21.4 million shares, and is expected to announce the final offer price on May 21.
