PIF-backed STC increases second public offering to 120mln shares

Ten percent of the offer's size will be allocated towards individual subscribers

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri
JEDDAH: Saudi Arabian telecom firm stc has announced a 20 percent increase in its secondary public offering.

The company, which is backed by the government’s Public Investment Fund, will offer up to 120 million shares representing six percent of stc’s total capital, up 20 percent from 100.2 million shares.

Ten percent of the offer's size will be allocated towards individual subscribers.

This came in line with a rise in investor demand during the institutional offering period, according to a statement by stc and the PIF.

The individual subscription period ends today, Dec.8, for retail tranche, while the institutional offering will end on Dec.9.

The price range was set between SR100 ($26.7) and SR116 per share and will be finally disclosed on Dec.10, the statement added.

stc’s stock market performance weighed heavily on Tadawul’s main index on Dec.6, declining 5.34 percent in share price.

The stock is currently trading at a one-month low of SR110.6.

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