13 Hrs
Source:
مباشر
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IPO Rule Changes Approved
The Board of the Saudi Capital Market Authority has approved regulatory provisions to improve IPO practices, which will take effect upon publication. The provisions strengthen the underwriter’s responsibilities: its commitment to purchase all the shares offered becomes binding when book-building begins. They also require the underwriter to verify that participation orders are backed by actual liquidity and are payable by the subscription due date. If the underwriter’s ownership of shares results in a breach of listing requirements, the issuer’s shares will not be listed. The provisions also require the issuer to disclose financial performance forecasts for the remainder of the period and, at a minimum, the outlook for the following financial year. These forecasts must be clear and measurable, and the financial adviser must exercise due professional care in reviewing them.
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