Saudi Internet-Services Firm Seeks Up to $966 Million From IPO

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Saudi Telecom Co.’s internet-services unit is seeking to raise as much as 3.62 billion riyals ($966 million) from an initial public offering in Riyadh, the latest in a clutch of share sales in the kingdom.

Arabian Internet and Communications Services Co., also known as solutions by stc, set the price range for the offering at 136 riyals to 151 riyals per share. The company is selling 24 million shares, it said in a statement on Sunday.

  • Bidding and book-building period for participating parties: Sept. 5 to 13
  • Subscription period for individual investors: Sept. 19 to 21
  • HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital are financial advisers, underwriters and bookrunners

Riyadh has been the hottest market for IPOs in the Middle East over the past two years, with new offerings oversubscribed mostly by local retail and institutional investors. Tanmiah Food Co. became the third company to list on the main market this year, following Theeb Rent A Car Co. and AlKhorayef Water & Power Technologies Co.

ACWA Power International, half-owned by the kingdom’s sovereign wealth fund, last week said it is set to begin an IPO this month as the company seeks to raise financing for its transformation into a low-carbon energy producer. The listing may value the utility at $10 billion or more, Bloomberg reported.

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