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(Bloomberg) – Saudi Telecom Co.’s internet services unit seeks to raise up to 3.62 billion riyals ($ 966 million) in an initial public offering in Riyadh, the latest in a series of sales of shares in the kingdom.
Arabian Internet and Communications Services Co., also known as solutions by stc, set the price range for the offering between 136 riyals and 151 riyals per share. The company is selling 24 million shares, she said in a statement on Sunday.
Auction and book-building period for participants: September 5 to 13 Subscription period for individual investors: September 19 to 21 HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital are financial advisers, underwriters and investors. bookkeepers
Riyadh has been the hottest market for IPOs in the Middle East for the past two years, with new offerings oversubscribed mainly by local and institutional investors. Tanmiah Food Co. became the third company to feature in the primary market this year, after Theeb Rent A Car Co. and AlKhorayef Water & Power Technologies Co.
ACWA Power International, half-owned by the kingdom’s sovereign wealth fund, announced last week that it will begin an IPO this month as the company seeks to raise funds for its transformation into a power producer. low carbon emission. Listing can value the utility at $ 10 billion or more, Bloomberg reported.
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