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Saudi Arabia’s Maaden to Raise $2.5B in July IPO

Saudi Arabia’s state-owned Mining Co, Maaden, is eying a 9.25 billion riyals ($2.47b) IPO in July, according to the Saudi exchange. Maaden has an existing aluminum venture with Rio Tinto Alcan (NYSE: RTP; formed prior to Rio’s acquisition of Alcan last year) involving a $7b project — said to be one of the world’s largest (Reuters). Gold is currently Maaden’s leading revenue driver. The exchange’s regulator said that only Saudi investors will be able to invest in the company, with 50% of equity being offered to institutions and individuals, with the remaining half to be held by the Public Investment Fund (PIF).