Saudi Tadawul Group gets CMA nod to float 36 mln shares in IPO

Logo of Saudi Tadawul Group Holding Co.

The Capital Market Authority (CMA) approved a request by Saudi Tadawul Group Holding Co. to float a 30% stake, or 36 million shares, in an initial public offering (IPO).

The company will publish the prospectus within sufficient time ahead of the IPO, the market regulator said in a statement.

The prospectus includes all relevant information that the investor needs to know before making an investment decision, including the company’s financial statements, activities and management.

The offering’s approval is valid for six months as of today, Nov. 3, and will be cancelled if the offering and listing of the shares are not completed within this period.

In April 2021, Tadawul announced its transformation into a holding group under the name of “Saudi Tadawul Group” ahead of the planned IPO this year.

The group includes four subsidiaries, namely, the Saudi Exchange, Securities Clearing Centre (Muqassa), Securities Depository Centre (Edaa) and Wamid.

Tadawul Co. was established in 2007 with SAR 1.2 billion capital, divided into 120 million shares, which are 100%-owned by the Public Investment Fund (PIF).

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