Saudi Tadawul Group’s institutional IPO starts Nov. 21, retail IPO Nov. 30: CEO

Khalid Al-Hussan, CEO of Saudi Tadawul Group

Saudi Tadawul Group’s initial public offering (IPO) for institutional investors will start on Nov. 21, and last for a period of six days, Asharq News reported, citing Chief Executive Officer (CEO) Khalid Al-Hussan.

The offering for retail investors will begin Nov. 30, for three days.

The group, in cooperation with research institutions, started working with the targeted investors for the offering, the CEO noted.

The evaluation process is carried out by independent entities, to assess the group based on the proposed evaluation principles, Al-Hussan said.

The group’s revenues during the first nine months of this year exceeded SAR 900 million, compared to SAR 700 million during the same period in 2020.

He explained that most of revenues come from the Saudi stock market through the trading commission.

With regard to dual listings, Al-Hussan said that the company would subsequently work on initial listings of foreign companies.

According to data available on Argaam, Saudi Tadawul Group plans to offer 36 million shares in an IPO, representing 30% of its SAR 1.20 billion capital, divided into 120 million ordinary shares. The shares are fully owned by the Public Investment Fund (PIF).

For More IPOs