Saudi Arabia’s Derayah Financial Co., a digital bank supported by the Public Investment Fund, intends to offer 20% of its total share capital in an initial public offering (IPO) on the Tadawul stock exchange.

The Capital Market Authority approved the public listing on Dec. 25, allowing the company to issue 49.95 million ordinary shares.

The IPO will include a partial sale by existing shareholders, with no proceeds allocated to the company.

Shares will be listed and traded once formalities with the CMA and Tadawul are completed.

HSBC Saudi Arabia will act as the sole financial adviser, bookrunner, global coordinator, lead manager, and underwriter for the offering.