PHOTO
Saudi Telecom’s internet-services unit saw its shares surge by nearly 30 percent on its first day of trading at the Saudi Stock Exchange (Tadawul).
Arabian Internet and Communications Services’ stock closed at 196.2 riyals ($52.3) on Thursday, about 29 percent higher than the IPO price of 151 riyals.
The company raised more than 3.6 billion riyals through its recent initial public offering (IPO) by selling 24 million shares, which represent 20 percent of its share capital.
It started trading on the stock exchange on September 30 with the symbol 7202.
The company, which employs 1,500 workers, has a fully paid-up capital of 10 million riyals. It posted a 30.6 percent compound annual growth rate (CAGR) in net revenue from 2018 to 2020. Its net profit registered a 12.3 percent CAGR during the same period.
(Writing by Cleofe Maceda; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
