RIYADH, KSA: The book building for the sale of Saudi Telecom Company (stc) shares in Arabian Internet and Communications Services Company (solutions by stc) started on Sunday at a price range of SAR 136 – SAR151 per share in an initial public offering (IPO).
Arabian Internet and Communications Services Company (solutions by stc) announced the company will offer 24 million ordinary shares at a price range of SAR 136 – SAR151 per share in an initial public offering (IPO).
Arabian Internet and Communications Services Company (solutions by stc) has one substantial shareholder Saudi Telecom Company “stc”, which owns 97% of the company’s shares directly and 100% of the Company’s shares indirectly through its shareholding in Telecom Commercial Investment Company Limited, which owns 3% of the company’s shares Pre-Offering.
Additionally, with the completion of the Offering, stc will sell one million, two hundred thousand (1,200,000) shares at the final Offer Price to the Company for use as part of the Company’s Employee Share Scheme.
HSBC Saudi Arabia, SNB Capital, and Morgan Stanley Saudi Arabia in their capacity as Financial Advisors, Book-runners, and Underwriters on the potential initial public offering of Arabian Internet and Communications Services Company announced the price range, as well as the commencement of the institutional book-building period.
The price range for the offering has been set at SAR 136 – 151 per share. The offering is comprised of 24 million ordinary shares, representing 20% of Arabian Internet and Communications Services issued share capital, by way of a sale of existing Shares by the Saudi Telecom Company “stc” and Telecom Commercial Investment Company Limited (a subsidiary of stc).
The final price per Offer Share will be determined after the completion of the book-building process, to be followed by the Individual Investors subscription process, the number of Offer Shares to be provisionally allocated to Participating Parties is 24 million shares, representing 100% of the total Offer Shares.
Final allocation of the Offer Shares will be made after the end of the subscription period for Individual Investors. Bidding and book-building period for Participating Entities started on 5 September 2021 and ends on 13 September 2021.
The offering proceeds (after deducting all offering costs and expenses) is estimated at SAR 47.54 million, will be paid to the selling shareholders. The company will not receive any part of the net proceeds.
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