IPO of solutions by stc largest in Saudi market, raised funds hit SAR 471.1 bln

Logo of solutions by stc

Arabian Internet and Communications Services Co. (solutions by stc) completed the book-building process and set the IPO price at SAR 151. The institutional offering was 13,003% oversubscribed, raising  SAR 471.1 billion.

The institutional offering raised SAR 471.1 billion.

The total value of the funds raised by solutions by stc is the largest ever in the Saudi market, exceeding the SAR 446 billion funds raised by Aramco in 2019.

The IPO of Saudi National Bank (SNB), formerly National Commercial Bank (NCB) in 2014 came third, raising nearly SAR 311 billion. The IPO of Tanmiah Food Co. took the fourth place, raising almost SAR 38 billion.

**Only institutional investors

***Funds raised by individual investors

The retail offering is expected to start on Sunday, Sept. 19, and will end on Sept. 21, as 2.4 million shares, or 10% of the total floated shares, will be offered to individual investors.

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