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Saudi Tadawul Group has appointed NCB Capital, JP Morgan, and Citigroup as financial advisors and global coordinators for its IPO this year, the operator of the kingdom's stock market said in a statement on Wednesday.
Earlier this month, Saudi Tadawul Group confirmed that it is considering an IPO on Saudi Exchange’s Main Market.
According to the statement, the IPO will provide an important strategic dimension to realise the Group’s expansion plans, strengthen its position globally, and align its growth objectives with the Public Investment Fund’s strategy to boost the economic transformation of Saudi Arabia.
Earlier this month, Khalid Al-Hussan, CEO of Saudi Tadawul Group, told Reuters that it had received proposals from 10 international and local firms for its IPO.
The Saudi bourse decided to convert into a holding company and rename itself as Saudi Tadawul Group in the beginning of April.
“The new structure will enable us to deliver high-quality services across all of our business lines, increase our competitiveness, and align our capital market with the rapid growth of emerging markets. The transformation provides a strong platform for the Saudi Tadawul Group's IPO,” Al-Hussan had said previously.
Tadawul, with a market capitalisation of $2.5 trillion, is considered the largest capital market in the Middle East and North Africa.
(Writing by Seban Scaria; editing by Daniel Luiz)
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