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.
Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting edge commentary on relevant current issues.
However, we have a demand.
As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.