Saudi stockbroker Tadawul sets price range for up to $ 1 billion IPO

A Saudi woman walks at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia on March 9, 2020. REUTERS / Ahmed Yosri / File Photo

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DUBAI, Nov.21 (Reuters) – Saudi Tadawul Group, the kingdom’s stock operator, has set a indicative price range for its initial public offering that shows it could raise up to 3.78 billion riyals (1, $ 01 billion) as part of the transaction.

Saudi Tadawul plans to sell 36 million shares at a price range of 95 riyals to 105 riyals per share, he said in a stock exchange document.

Saudi Tadawul’s listing plan comes after a boom in IPO activity in the kingdom following the listing of Saudi Aramco (2222.SE) in 2019, which raised $ 29.4 billion in the largest IPO in the world.

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The main IPOs this year were the $ 1.2 billion IPO of ACWA Power International and the IPO of Saudi Telecom Co (7010.SE) of its unit, Arabian Internet and Communications Services. Co, which raised around $ 966 million. Read more

Saudi Tadawul said the final price of its offering will be determined after the completion of the book creation process, which begins on Sunday and ends on November 26.

The market capitalization of companies listed on Tadawul is around $ 2.7 trillion, making the exchange the largest stock exchange in the Arab world.

The Saudi Arabian Stock Exchange has converted to a holding company and will be renamed Saudi Tadawul Group before listing this year, the group’s chief executive Khalid al-Hussan previously said.

The group has four subsidiaries – its Saudi Exchange, securities clearing and depository firms, and technology services.

SNB Capital Co, JPMorgan Saudi Arabia and Citigroup Saudi Arabia act as financial advisers, global coordinators, underwriters and bookkeepers.

($ 1 = 3.7504 riyals)

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Reporting by Saeed Azhar; Editing by Michael Perry

Our standards: Thomson Reuters Trust Principles.

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