Maaden To Offer US$2.5bn In Middle East's Biggest Mining IPO

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State-owned Saudi Arabian Mining Company (Maaden) has been given approval by the Capital Market Authority (CMA) to raise US$2.47bn in an initial public offering in July. The company will offer institutional and individual investors 462.5mn of stock - equivalent to 50% of its share capital - at SAR20 (US$5.33) per share in a sale that will run from 5-14 July. According to the CMA, only Saudi investors will be able to buy the stock with each individual guaranteed a minimum 25 shares. The other 50% of stock will be held by the government-owned Public Investment Fund (PIF). The sale, upon