Arabian Internet and Communications Services Company (solutions by stc), a leading ICT services provider in Saudi Arabia, has announced the price range for its initial public offering (IPO)as well as the commencement of the institutional book-building period.
HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital Company are joint financial advisors for the IPO.
The price range for the offering has been set at SR136 ($36.21) to SR151 ($40.21) per share.
On 28 June 2021, the Capital Market Authority (CMA) approved the company’s application for an initial public offering of 24,000,000 Shares (“Offer Shares”), representing 20% of solutions by stc’s capital, by way of a sale of existing Shares by the Saudi Telecom Company “stc” and Telecom Commercial Investment Company Limited (a subsidiary of stc)(collectively, the “Selling Shareholders”). The final offer price of the Offer Shares will be determined at the end of the book-building period.
Offering details:
• The price range for the Offering has been set at SR136 to SR151 per share
• The Offering is comprised of 24,000,000 existing Shares to be sold by the current shareholders - Immediately following listing, the Company is expected to have a free float of 20% of the Shares
• With respect to the Offering, the Company appointed HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital as Financial Advisors, Underwriters and Bookrunners. The Company also appointed HSBC Saudi Arabia to act as Lead Manager.
• The Saudi British Bank (SABB), Saudi National Bank (SNB), Al Rajhi Bank, Riyad Bank, Alinma Bank and Bank Albilad have been appointed as receiving entities (collectively, the “Receiving Entities”) for the Individual Investors tranche.
Key offering timeline:
• Bidding and Book-Building Period for Participating Parties: 5 September 2021 – 13 September 2021
• Subscription Period for Individual Investors: 19 September 2021 – 21 September 2021
• Announcement of Final Offer Shares Allotment: 27 September 2021
• Refund of Excess Subscription Amounts (if any): 29 September 2021
• Expected Start Date of Trading in the Exchange Trading of the Company's Shares in the Exchange is expected to commence after all relevant regulatory requirements are satisfied. Trading will be announced through Saudi Exchange website. – TradeArabia News Service
solutions by stc announces price range for IPO
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