The public offering of shares in the Arab Company for Internet and Telecommunications Services (solutions by stc) will begin tomorrow, Sunday, September 19, and will continue through Tuesday, September 21.
A total of 2,400,000 common shares, representing 10% of total shares offered for public subscription to individual subscribers as a maximum.
The company announced that the institutional subscription period ended with a coverage ratio that exceeded the target by 130 times, with the total value of the institutional subscription reaching 471 billion riyals.
stc Group CEO Eng. Alian bin Mohammed Al-Wateed emphasized that the company’s IPO is consistent with stc Group’s strategic growth direction and part of the Group’s pursuit of numerous ambitious digital projects.
Al-Wateed noted that the IPO represents a significant and important step in supporting companies operating in the telecommunications and information technology sector, as these companies are among the main pillars of the Kingdom’s Vision 2030, as investment in technology is considered a key priority that supports development across various sectors in the Kingdom.
He emphasized that stc is committed to contributing to this vision and providing an opportunity for corporate and individual investors to join us on this journey, as we rely on an ambitious strategic plan to support sustainable growth.
He noted the success of Solutions by stc within the stc ecosystem and its transformation from an acquisition valued at 100 million riyals to a company currently valued at over 18 billion riyals.
It is worth noting that the Arab Internet and Telecommunications Services Company “solutions by stc,” alongside its financial advisors—HSBC Saudi Arabia and Morgan Stanley Saudi Arabia— and Al-Ahli Capital, announced the successful completion of the book-building process for institutional investors and the determination of the final offering price for the shares in its initial public offering (“IPO” or “the Offering”), The final price of the offering shares was set at 151 riyals per share (“Final Price”), which means the company’s market capitalization has reached 18.1 billion riyals ($4.8 billion).
