DUBAI, Sept 5 (Reuters) - Arabian Internet and
Communications Services Co, a unit of Saudi Telecom,
has set an indicative price range for its initial public
offering, aiming to raise as much as 3.6 billion riyals ($960
The unit, also known as Solutions by STC, plans to sell 24
million shares at an indicative price of 136 to 151 riyals per
share, it said.
Saudi Telecom is selling a 20% stake in its unit in the
share sale. Arabian Internet and Communications Services has a
broad portfolio across the information technology and digital
services sectors, especially in the B2B sector.
STC unit's IPO is among a spate of deals hitting the Saudi
Arabian exchange this year including Acwa Power's more than $1
billion deal and Saudi Tadawul Group.
The book-building process for the deal will begin on Sunday
and end on Sept. 13, while the subscription period for
individual investors will take place on Sept. 19-21.
HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB
Capital are acting as financial advisers, underwriters and
bookrunners on the deal.
($1 = 3.7504 riyals)
(Reporting by Saeed Azhar; Editing by Robert Birsel and Pravin