RIYADH: Lucid Group, a US automaker, will offer 262.4 million shares of its stock to the general public.
The transaction will be handled by BofA Securities, a multinational investment banking subsidiary based in New York that operates under the Bank of America umbrella.
According to a press release, the shares may be sold directly to purchasers or through market exchanges on the US Nasdaq exchange.
According to the statement, the company has also offered BofA Securities the chance to purchase up to an extra 39.4 million shares over the course of the following 30 days.
Ayar Third Investment Co., a subsidiary of Saudi Arabia’s Public Investment Fund, Lucid’s largest stakeholder, also intends to purchase 374.7 million shares in a separate private transaction at the same price as the IPO.
The action will assist Ayar in maintaining its approximately 58.8% stake in Lucid. If BofA Securities chooses to purchase additional shares, Ayar is anticipated to purchase them to preserve its ownership stake.
Ayar’s involvement in Lucid’s stock offering is consistent with PIF’s overarching plan to boost its international investment footprint and spur expansion in developing markets. By assisting the company, the Kingdom’s sovereign wealth fund hopes to strengthen the electric vehicle industry.
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