Home GCC Saudi Arabia Saudi internet-services firm sets IPO price at top end of range Riyadh has been the hottest market for IPOs in the Middle East over the past two years by Bloomberg September 19, 2021 Saudi Telecom’s internet-services unit set the final offer price for its initial public offering at the top end of a range, in another sign of pent up demand for share sales in the kingdom. Arabian Internet and Communications Services, also known as solutions by stc, set the final offer price at SAR151 ($40.3) a share, according to a statement Thursday. At that price, the sale will be valued at $966m. Riyadh has been the hottest market for IPOs in the Middle East over the past two years. ACWA Power International, one of Saudi Arabia’s main vehicles for building renewable energy projects, is also in the market, seeing to raise up to $1.2bn in what would be the biggest offering in Riyadh since Saudi Aramco’s listing. Solutions by stc IPO details: * Order book was 130 times oversubscribed with the book-building generating SAR471bn in orders * Final offer price implies a market capitalisation on admission of SAR18.1bn * Retail subscription: From Sept 19 to Sept 21 * Offer size: 24 million shares, or a 20 per cent stake * Initial price range was SAR136 to SAR151 per share * HSBC, Morgan Stanley and SNB Capital were financial advisers Tags Internet services IPO Saudi Arabia Solutions by STC Telecoms 0 Comments You might also like Egypt’s United Bank to sell 30% stake via IPO on local bourse Türkiye plans IPOs for state energy companies, minister says Oman’s OQ to raise $490m from IPO of methanol, ammonia unit Delivery Hero’s Talabat sets IPO price range, seeks to raise $1.52bn