stc says solutions unit close to submitting IPO request to CMA

10/03/2021 Argaam

solutions by stc Logo

Saudi Telecom Co. (stc) completed the feasibility study on the initial public offering (IPO) for its 100%-owned subsidiary, Arabian Internet and Communications Services Co. (solutions by stc), the company said in a filing to Tadawul.

 

The subsidiary is set to submit an application for offering part of its shares to the Capital Market Authority (CMA) and a listing application to Saudi Stock Exchange (Tadawul).

 

In January, stc announced that it is considering an IPO for solutions by stc on Tadawul, according to data compiled by Argaam.

 

The subsidiary’s valuation is estimated at around SAR 9 billion ($2.4 billion), and the IPO size could be around SAR 1.87 billion ($500 million) if the company sells 20% of its share capital, Reuters earlier reported.

 

Established in 2002, solutions by stc provides internet services, and operates communication projects, in addition to transmitting and processing information in Saudi Arabia.

 

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