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    7010   SA0007879543

SAUDI TELECOM COMPANY

(7010)
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Saudi Telecom : tech unit aims to raise up to $960 million in IPO

09/05/2021 | 02:20am EDT

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 million).

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 Char)


ę Reuters 2021
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Analyst Recommendations on SAUDI TELECOM COMPANY
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Financials
Sales 2021 61 958 M 16 519 M 16 519 M
Net income 2021 11 713 M 3 123 M 3 123 M
Net cash 2021 7 985 M 2 129 M 2 129 M
P/E ratio 2021 19,9x
Yield 2021 3,83%
Capitalization 235 B 62 610 M 62 615 M
EV / Sales 2021 3,66x
EV / Sales 2022 3,59x
Nbr of Employees -
Free-Float 23,7%
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Mean consensus HOLD
Number of Analysts 12
Last Close Price 117,60 SAR
Average target price 120,93 SAR
Spread / Average Target 2,83%
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Managers and Directors
Olayan Mohammed Al-Wetaid Chief Executive Officer
Ameen Fahad ben Abdulaziz Al-Shiddi Chief Financial Officer
Mohammed Khaled Al-Abdullah Al-Faisal Chairman
Haithem Mohammed Mujil Al-Faraj Senior Vice President-Technology & Operations
Abdulaziz Abdullah Al-Qatie Vice President-Investment Operations
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