Comms company ‘solutions by stc’ offering priced at the maximum range
Institutional subscription began earlier last week and the deal was completely covered in one day
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.
By Staff Writer, Arab News
RIYADH: The offering price of Arabian Internet and Communications Services Company, known as ‘solutions by stc’ has been set at the maximum price range of SR151 a share following the close of institutional bookbuilding on September 13, banking sources told CNBC Arabia.
Institutional subscription began earlier last week and the deal was completely covered in one day.
The company announced a price range for the offering between SR136 and SR151 per share. Proceeds of the offering in the highest price range would amount to about SR3.62 billion ($1 billion).
Confirmation of pricing and provisional allocations are due on Thursday, September 16. A retail offering is expected to run between September 19 and 21. Final allocations will be announced on September 27.
HSBC, Morgan Stanely and SNB Capital are joint bookrunners.
Saudi British Bank, Saudi National Bank, Al Rahji Bank, Riyad Bank, Alimna Bank and Bank Albilad run the retail tranche.
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