Saudi Telecom’s tech unit aims to raise up to $960 million in IPO

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Saudi Telecom’s tech unit aims to raise up to $960 million in IPO

Arabian Internet & Communications Services Co., a Saudi Telecom subsidiary engaged in IT Counselling and system Integration Services Sector, had been exploring an option to raise as many as $960 million or 3.6 billion Saudi Riyals at a planned public market floatation, the unit of Saudi Telecom also dubbed as STC, said in a regulatory filing on Sunday.

Apart from that, according to Arabian Internet & Communication Services Co (STC), the entity had been working out an option to sell 24 million shares at a targeted range between 136 ($36.26) to 151 ($40.26) Riyals apiece at its IPO (Initial Public Offerings), while Saudi Telecom was reportedly selling a 20 per cent stake in the unit.

Latest move from Arabian Internet and Communication Services, which holds a broad portfolio across information technology alongside B2B digital services sector, to divest about a 20 per cent stake at its STC unit in a planned IPO, has been among a string of major deals making debarkations in Tadawul exchange this year, while STC unit’s latest IPO followed a $1-billion deal between Saudi Tadawul and Acwa Power.

Saudi Telecom’s tech unit seeks tor raise $960 million in Tadawul IPO

On top of that, according to a regulatory filing with Saudi’s Tadawul stock exchange, Arabian Internet & Communications Services Co had unveiled that the book-building process for its IPO would continue between September 5 and September 7, while individuals could subscribe for investments between September 19 and September 21.

Besides, HSBC Saudi Arabia, SNB Capital alongside Morgan Stanley Saudi Arabia would act as the leading underwriters and bookrunners of the IPO proceeding, Saudi Telecom’s tech unit had added in a statement.