Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Saudi bourse operator Tadawul sets price range for up to $1 billion IPO

11/21/2021 | 11:44am EST
FILE PHOTO: Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh

DUBAI (Reuters) -Saudi Tadawul Group, the kingdom's stock exchange operator, has set an indicative price range for its initial public offering which shows it could raise up to 3.78 billion riyals ($1.01 billion) in the deal.

Saudi Tadawul plans to sell 36 million shares in the price range of 95 riyals to 105 riyals a share, it said in a stock exchange filing.

Saudi Tadawul's listing plan comes after a boom in IPO activity in the kingdom following the listing of Saudi Aramco in 2019, which raised $29.4 billion in the world's biggest flotation.

Prominent IPOs this year have been ACWA Power International $1.2 billion flotation and Saudi Telecom Co's IPO of its unit, Arabian Internet and Communications Services Co, which raised about $966 million.

Saudi Tadawul said the final price for its offering will be determined after the completion of the book-building process, which begins on Sunday and ends on November 26.

The market capitalisation of companies listed on Tadawul is around $2.7 trillion, making the bourse the Arab world's largest stock exchange.

Saudi Arabia's stock exchange has converted itself into a holding company and will be renamed Saudi Tadawul Group ahead of the listing this year, Group Chief Executive Khalid al-Hussan said previously.

The group has four subsidiaries - its bourse Saudi Exchange, securities clearing and depository businesses and technology services.

SNB Capital Co, JPMorgan Saudi Arabia and Citigroup Saudi Arabia are acting as financial Advisors, joint global coordiantors, underwriters and bookrunners.

($1 = 3.7504 riyals)

(Reporting by Saeed Azhar; Editing by Michael Perry)


© Reuters 2021
Latest news "Economy & Forex"
07:49aWorld tourism inched back in 2021, still a fraction of pre-pandemic levels
RE
07:48aGoldman Sachs profit misses estimates on weak equity trading
RE
07:48aPrada's 2021 sales bounce back above pre-pandemic levels
RE
07:45aNATIONAL BANK OF KAZAKHSTAN : AIX и Euroclear Bank запускают сервис по расширенным расчетам
PU
07:45aAdvisory firm Teneo taps Rothschild vice chairman with bankruptcy bent
RE
07:45aUK'S JAVID : Omicron measures set to be scaled back next week
RE
07:44aWhat you need to know about the coronavirus right now
RE
07:36aTSX futures mirror fall in global stocks
RE
07:36aNigerian separatist leader Kanu faces new charges as trial resumes
RE
07:34aMexico economy slips in December, hinting at weak close to 2021
RE
Latest news "Economy & Forex"