DUBAI, Sept 22 (Reuters) - Saudi Telecom Company
has completed the retail and institutional subscription to the
initial public offering of Arabian Internet and Communications
Services Co, raising 3.624 billion Saudi riyals ($966.35
million), STC said on Wednesday.
The telecoms company last week priced the IPO at the top of
an indicative range for its technology business, also known as
Solutions by STC.
The proceeds are before deducting fees, expenses and related
costs, STC said in an exchange filing.
Last week the company priced shares of Solutions by STC,
final allocations and refunds of which have yet to come, at 151
riyals each, implying a market capitalisation of about $4.8
Solutions by STC plans to sell 24 million shares at an
indicative price of between 136 and 151 riyals per share.
STC, which is selling 20% of the company, has also said the
IPO order book was 130 times oversubscribed during the
HSBC Saudi Arabia, Morgan Stanley Saudi Arabia
and SNB Capital Company acted as joint
The IPO is among a string of deals on Saudi Arabia's Tadawul
exchange this year, such as ACWA Power's deal for more than $1
billion and Saudi Tadawul Group's IPO, which is likely in the
The deals follow Saudi Aramco's $29.4-billion IPO in 2019,
which was the world's biggest share flotation.
(Reporting by Yousef Saba; Editing by Clarence Fernandez)