Riyadh - Mubasher: Arabian Internet and Communications Services Company (solutions by stc) intends to proceed with an initial public offering (IPO) and list its ordinary shares on the main market of the Saudi Stock Exchange (Tadawul).
The offering is expected to comprise a sale of existing shares and result in a free float of 20% of the company’s share capital, HSBC Saudi Arabia, SNB Capital, and Morgan Stanley Saudi Arabia announced on Sunday.
HSBC Saudi Arabia, SNB Capital, and Morgan Stanley Saudi Arabia are financial advisors, book-runners, and underwriters on the potential IPO.
On 28 June 2021, the Capital Market Authority (CMA) approved the company’s application for the IPO of 24 million ordinary shares, representing 20% of its share capital.
