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

17/09/2021 Argaam


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.

 

IPO Details

Total Offer Shares

24 mln shares (fully allocated to institutional investors until the end of the retail offering)

Institutional Offering Coverage  

130 times (13,003%)

Offer Price

SAR 151

Offer Value

SAR 3.624 bln

Raised Funds

SAR 471.1 bln

 

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.

 

Largest IPOs in Saudi Market by Raised Funds since 2007

Company/Bank

Funds Raised (SAR bln)

IPO Size (SAR bln)

Year

solutions by stc

471.1**

3.62

2021

Saudi Aramco

446.2

96.00

2019

NCB*

310.7***

22.50

2014

Tanmiah

38

0.40

2021

Saudi Kayan

37.90

6.75

2007

Alkhorayef

35.00

0.54

2021

Alinma Bank

18.27

10.50

2008

Zain KSA

17.83

6.30

2008

Petro Rabigh

16.02

4.60

2008

Maaden

10.96

9.25

2008

Kingdom Holding

8.50

3.23

2007

Jabal Omar

6.23

2.01

2011

Chemanol

4.13

0.72

2008

SGS

3.80

2.82

2015

BinDawood Holding

3.06

2.19

2020

Dar Al-Arkan

2.09

3.33

2007

Knowledge City

1.69

1.02

2010

Seera

1.65

1.37

2012

*Before merger with Samba Financial Group and rebranding to SNB

**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.

 

For More IPOs

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