Saudi Arabia-based Morabaha Marina Financing is seeking to raise as much as 312.9 million riyals ($83.4 million) from an initial public offering, even as concerns over market volatility prompt other firms in the kingdom to delay planned share sales.

The non-bank finance institution set the price range for its offering at 13-14.6 riyals per share, it said Sunday in a statement. Morabaha plans to sell a 30% stake, or 21.4 million shares, and is expected to announce the final offer price on May 21.

The offering comes after Aramco postponed listing its energy-trading business, and oil and gas driller ADES International Holding, which is backed by Saudi Arabia’s sovereign wealth fund, delayed its IPO to the second half of the year.

Offerings in Saudi Arabia, typically one of the Gulf’s busiest listing markets, have quietened down from last year, while exchanges such as that in Abu Dhabi have stepped into the limelight. This year just $92.55 million has been raised from listings in the capital, Riyadh, data compiled by Bloomberg show.

MRNA, as Morabaha is known, offers Shariah-compliant financing for individuals and small- and medium-sized enterprises.

Albilad Investment is acting as financial adviser, book-runner, lead manager and underwriter of the offering.

More details:

• Institutional book-building period runs from May 14-18
• Subscriptions for individual investors will be open from May 28-29