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solutions by stc issues prospectus for planned IPO
Logo of Arabian Internet and Communications Services Co. (solutions by stc)
Arabian Internet and Communications Services Co. (solutions by stc) announced today, Aug. 29, issuing the prospectus for its planned initial public offering (IPO) on the Saudi Exchange (Tadawul).
solutions by stc plans to float 20% of its share capital (or 24 million ordinary shares) in an IPO on the Saudi market.
The Capital Market Authority (CMA) approved, on June 28, the company's request to float a 20% stake.
The subscription targets two tranches:
Participating parties: This tranche comprises the parties entitled to participate in the book building process as specified under the book building instructions. The number of shares that will be allocated initially is 24 million, representing 100% of the total shares offered for subscription. Final allocation will be made after the end of the subscription period for individual investors. Lead managers will have the right to reduce the number of shares allocated to participating parties to a minimum of 21.6 million, representing 90% of the total offered shares.
Individual investors This tranche comprises Saudi Arabian natural persons, in addition to any non-Saudi natural person who is resident in the Kingdom or any GCC natural persons, provided they have a bank account with one of the receiving entities and are allowed to open an investment account. The number of shares offered for individual investors amounts to 2.40 million maximum, or 10% of total offered shares.
The price range will be set through the book building that will start on Sept. 5. All tranches are allowed to participate in the process. After completing the book building, lead managers will announce the coverage ratio.
Lead managers and the company have the right to set the offer price, based on supply and demand, provided that it does not exceed the price set in the underwriting agreement.
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Company Profile |
|
|
Company |
Arabian Internet and Communications Services Co. (solutions by stc) |
|
Market |
The Saudi Exchange (Tadawul) |
|
Core Activities |
Information technology services for business sector |
|
Capital |
SAR 1.200 bln |
|
IPO Summary |
|
|
Issue percentage (%) |
20% |
|
Number of shares offered |
24 mln |
|
Qualified subscribers |
- Participating categories that include investment funds, qualified foreign investors (QFIs), and GCC legal persons. - Individual investors |
|
IPO minimum limit individuals |
10 shares |
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IPO minimum limit for institutional investors |
50,000 shares |
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IPO maximum limit for retail investors |
60,000 shares |
|
IPO maximum limit for institutional investors |
5,999,999 shares |
|
Periods of registering requests and book building |
September 05 – September 13 |
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Retail offering period (3 days) |
September 19 – September 21 |
|
Final allotment |
September 27, 2021 |
|
Surplus refunds |
September 29, 2021 |
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Company Shareholders |
||||
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Shareholders |
Before IPO |
After IPO |
||
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Number of shares (mln) |
Ownership% |
Number of shares (mln) |
Ownership% |
|
|
stc* |
116.40 |
97 % |
94.80 |
79 % |
|
Total |
116.40 |
97% |
94.80 |
79% |
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Additional Information |
|
|
Financial advisor, lead manager, underwriter and book runner |
HSBC Saudi Arabia SNB Capital Morgan Stanley Saudi Arabia |
|
Lead Manager |
HSBC Saudi Arabia |
|
Receiving banks |
Saudi British Bank (SABB) Saudi National Bank (SNB) Al Rajhi Bank Riyad Bank Alinma Bank Bank Albilad |
Financial Results for H1 2021
solutions by stc posted SAR 461.3 million net profit for H1 2021, an increase of 19% year-on-year (YoY) from SAR 388.1 million
|
Financial Results (SAR mln) |
|||
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Period |
H1 2020 |
H1 2021 |
Variation% |
|
Revenue |
3199.0 |
3804.0 |
+ 19% |
|
Gross profit margin |
21.0% |
21.6% |
+ 0.6% |
|
Net profit |
388.1 |
461.3 |
+ 19% |
|
Number of shares (mln) |
120.0 |
120.0 |
-- |
|
EPS (SAR) |
3.23 |
3.84 |
+ 19% |
The profit growth was driven mainly by the rise in revenue by more than 19% YoY, following the collective rise in operating segments.
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Revenue by Segment (SAR mln) |
|||
|
Period |
H1 2020 |
H1 2021 |
Variation |
|
Systems integration |
1163.8 |
1185.3 |
+ 2% |
|
Telecommunications and Internet services |
613.7 |
843.4 |
+ 36% |
|
Outsourcing services |
565.8 |
683.2 |
+ 21% |
|
Cloud services |
292.2 |
469.9 |
+ 61% |
|
Managed services |
188.5 |
264.9 |
+ 41% |
|
Cyber security |
239.3 |
216.1 |
(10%) |
|
Digital services |
135.8 |
141.0 |
+ 4% |
The table below illustrates the company's sales and net profit since 2017.
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Income Statement (SAR mln) |
||||
|
Period |
2017 |
2018 |
2019 |
2020 |
|
Sales |
2962.3 |
4041.3 |
5257.3 |
6891.4 |
|
Net profit |
549.9 |
556.5 |
393.8 |
701.8 |
|
Number of shares (mln) |
120.0 |
120.0 |
120.0 |
120.0 |
|
EPS (SAR) |
4.58 |
4.64 |
3.28 |
5.85 |
The table below illustrates key items of the company's balance sheet since 2017.
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Balance Sheet (SAR mln) |
|||||
|
Period |
2017 |
2018 |
2019 |
2020 |
June 2021 |
|
Cash and cash equivalents |
595.8 |
892.4 |
414.3 |
993.5 |
888.4 |
|
Current assets |
3432.1 |
4261.2 |
4523.3 |
5571.0 |
5324.5 |
|
Non-current assets |
75.9 |
188.8 |
354.1 |
763.6 |
782.5 |
|
Total assets |
3508.0 |
4450.0 |
4877.4 |
6334.6 |
6107.0 |
|
Current liabilities |
2017.6 |
2658.9 |
3377.3 |
4068.1 |
3777.6 |
|
Non-current liabilities |
92.3 |
125.8 |
243.3 |
342.9 |
264.4 |
|
Total liabilities |
2109.9 |
2784.7 |
3620.6 |
4411.1 |
4042.0 |
|
Capital |
100.0 |
100.0 |
100.0 |
1200.0 |
1200.0 |
|
Shareholders’ equity |
1398.1 |
1665.4 |
1256.8 |
1923.6 |
2065.0 |
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