stc sees 773 negotiated deals on 108.1 mln shares today

Logo of stc

stc saw 773 negotiated deals on its shares today, Dec. 12, where 108.1 million shares were privately traded at a negotiated price of SAR 100 per share, for a total of SAR 10.8 billion.

A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from market price. The negotiated price does not directly impact market price.

The Saudi Exchange (Tadawul) said that the institutional tranche transactions related to stc secondary offering today, Dec. 12, will be in accordance with the negotiated deals framework issued by Tadawul, according to data compiled by Argaam.

The telco's secondary offering closed last week. The Public Investment Fund (PIF) and stc set the final secondary public offering price at SAR 100 per share based on the results of the book-building process.

The offering was successfully oversubscribed with strong demand from both local and international institutional investors. The shares offered to retail investors were fully covered, with more than 231,000 individual subscribers.

All shares offered to retail investors will be allocated, with a minimum of 10 shares for each subscriber and the remaining shares will be allocated on a pro-rata basis with an average allocation factor of about 84.11%

The remaining 108 million shares will be allocated to institutional investors, in consultation with the joint bookrunners.