Saudi stock exchange seeks to raise up to $ 1 billion through initial offering

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Saudi Arabia is keeping the hearths on fire for regional public offerings, gearing up for what could be the biggest sale of shares by a stockbroker since Euronext NV.

Saudi Tadawul Group Holding is looking to raise up to $ 1 billion after setting the price bracket for an initial public offering of 95 riyals ($ 25.32) to 105 riyals per share, the company said on Sunday.

The Riyadh-based exchange, on which oil giant Saudi Aramco trades, plans to sell a 30% stake, or 36 million shares.

The offer comes amid an IPO boom, with companies around the world posting a record high of more than $ 600 billion this year. In this context, Saudi Arabia has been among the leaders in the Middle East, listing private and family businesses as well as companies such as ACWA Power International, backed by the kingdom’s wealth fund, and the internet services of Saudi Telecom Co. . unity.

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