The retail subscription process for Arabian Internet and Telecommunications Solutions by stc shares will begin tomorrow, Sunday, September 19, and will continue until Tuesday, September 21.
A maximum of 2,400,000 ordinary shares representing 10% of the total shares offered for public subscription have been allocated to individual subscribers.
A maximum of 2,400,000 ordinary shares representing 10% of the total shares offered for public subscription have been allocated to individual subscribers. The company announced that the institutional subscription period ended with a coverage rate of 130 times the target, with the total value of the institutional subscription reaching 471 billion riyals.
The company announced that the institutional subscription period ended with a coverage rate that exceeded the target by 130 times, with the total value of the institutional subscription reaching 471 billion riyals.
The CEO of stc Group, Engineer Alian bin Mohammed Al-Watid, emphasized that the company's offering is in line with the directions of stc Group's growth strategy and within the group's pursuit of many ambitious digital projects.
The stc Group's CEO, Engineer Alian bin Mohammed Al-Watid Al-Watid pointed out that the IPO is a qualitative and important shift in supporting companies operating in the field of communications and information technology, as these companies are one of the main pillars of the Kingdom's Vision 2030, as investing in technology is an important priority that supports development in various fields in the Kingdom.
He emphasized stc's work to contribute to this vision and provide an opportunity for investment entities, companies and individuals to join us on this journey, as we rely on an ambitious strategic plan to support sustainable growth.
Stc is committed to supporting companies operating in the ICT sector, as these companies are the main pillars of the Kingdom's Vision 2030. He referred to the success of solutions by stc in the stc ecosystem and its transformation from an acquisition of 100 million riyals to a company currently valued at more than 18 billion riyals.
He emphasized stc's work to contribute to this vision and the opportunity for investment entities, companies and individuals to join us on this journey. Solutions by stc, along with its financial advisors, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and Al Ahli Financial, announced the successful completion of the institutional bookbuilding process and the final price of the offering shares in its initial public offering (the “IPO” or “Offering”). The final price of the offering shares was set at SAR 151 per share (the “Final Price”), bringing the company's market capitalization to SAR 18.1 billion ($4.8 billion).
Solutions by stc's market capitalization has reached SAR 18.1 billion (US$ 4.8 billion).
