Institutional offering in ‘solutions by stc’ IPO hit $125.6bln

The company earlier announced its intention to float and offer a 20% stake of 24mln shares

  
A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri
 
DUBAI: The institutional side of solutions by stc’s initial public offering was oversubscribed by 13,003 percent, raising SR471.1 billion ($125.6 billion).

A unit of the Saudi Telecoms Company, solutions by STC, has completed the bookbuilding process and set the IPO price at SR151, it said in a Tadawul filing.

The company earlier announced its intention to float and offer a 20 percent stake of 24 million shares. It allocated 90 percent of the total offered shares to institutional investors.

Meanwhile, retail investors, which have been allocated 10 percent of the total offered shares, have started the subscription process that will last for three days until Sept. 21. Final allocations are due on September 27. Trading is expected on or around September 29.

The total value of the funds raised by solutions by stc is the largest ever in the Saudi market, exceeding the SR 446 billion funds raised by Aramco in 2019.

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