Saudi Arabia's stock market regulator said on Sunday it had approved six initial public offerings (IPOs) for the period until October, the first of which will be for Saudi Steel Pipes (SSP) in June.

The IPOs will be the first since April when four insurance companies raised SR260 million ($69.3m), said a report in our sister publication, the Gulf Daily News.

SSP, which was founded in 1980 and caters mainly to the oil and gas industry, will offer 16m shares, or 31.4 per cent of its capital, over the June 27 to July 3 period, the Capital Market Authority (CMA) said.

Mouwasat Medical Services, set up in 1975 and engaged in the ownership and management of hospitals and pharmacies, will sell 7.5 million shares representing 30 per cent of its capital over August 15 to 21, CMA said.

Based in the Eastern province, Mouwasat's clients include state oil major Saudi Aramco, petrochemical group Saudi Basic Industries Corporation and contracting firm Saudi Oger.

A book-building process will fix the pricing for SSP and Mouwasat's listings.

National Petrochemicals Company (Petrochem) will offer the Saudi public 80m shares, representing 16.67 per cent of its capital, at SR10 each over July 18 to 24.

Two state-owned pension funds will each buy 80 million shares in Petrochem in a private placement that will raise 1.6 billion riyals, the CMA said.

The remaining 50 per cent will be held by Saudi Industrial Investment Group.

Petrochem is building a SR21.8 billion polymers complex in the eastern industrial park of Jubail under a 65-35 per cent joint venture between SIIG and US Chevron Phillips.

The project is 44 per cent complete, SIIG said. SIIG managing director Abdulrahman Alismail said the complex would start production in 2011.

Three insurance companies will raise a total SR192 million by selling 19.2 million shares at SR10 each over October 3 to 9.

Buruj Co-operative Insurance Company and Gulf General Insurance Comapny will both sell 40 per cent of their capital, or 5.2 million and 8 million shares respectively, the CMA said.

Alalammya for Co-operative Insurance will sell 6 million shares, or 30 per cent of its capital, it added. – TradeArabia News Service