May 29, 2024

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Saudi Telecom’s tech device aims to increase up to $960 million in IPO

DUBAI, Sept 5 (Reuters) – Arabian World-wide-web and Communications Providers Co, a unit of Saudi Telecom (7010.SE), has set an indicative selling price array for its original general public featuring, aiming to increase as significantly as 3.6 billion riyals ($960 million).

The device, also acknowledged as Answers by STC, programs to market 24 million shares at an indicative cost of 136 to 151 riyals per share, it claimed.

Saudi Telecom is advertising a 20% stake in its device in the share sale. Arabian World-wide-web and Communications Companies has a broad portfolio throughout the details technological innovation and electronic products and services sectors, specifically in the B2B sector.

STC unit’s IPO is among the a spate of specials hitting the Saudi Arabian exchange this calendar year such as Acwa Power’s more than $1 billion deal and Saudi Tadawul Team.

The reserve-making method for the deal will start out on Sunday and conclude on Sept. 13, whilst the membership period for individual investors will acquire area on Sept. 19-21.

HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital are acting as economical advisers, underwriters and bookrunners on the deal.

($1 = 3.7504 riyals)

Reporting by Saeed Azhar Modifying by Robert Birsel and Pravin Char

Our Criteria: The Thomson Reuters Trust Ideas.