Saudi stock exchange operator Tadawul has set up a $ 1 billion in revenue service for Reuters

DUBAI (Reuters) – The Saudi Tadawul Group, the UK’s largest stockbroker, has set a significant price range for its initial public offering, which shows the deal could reach 3.78 billion riyal ($ 1.010 billion).

Saudi Tadawul plans to sell 36 million shares in the range of between 95 rials and 105 rials, it said in a stock exchange document.

Saudi Tadawul’s list plan comes after an increase in IPO activity in the kingdom. Saudi Aramco (SE 🙂 In 2019, it raised $ 29.4 billion in the world’s largest float.

This year’s notable IPOs were the $ 1.2 billion floating ACWA Power International and the IPO of its unit, Saudi Internet and Communications Services Co., which raised about $ 966 million.

Saudi Tadawul said the final price of its offer will be determined after the process of creating the book, which begins on Sunday and ends on November 26.

The market capitalization of companies listed on Tadawul is about $ 2.7 trillion, and the stock market is the largest Arab stock market in the world.

The Saudi stock exchange has become a holding company and will take the name Saudi Tadawul Group before the listing this year, Group CEO Khalid al-Hussan said.

The group has four subsidiaries: its Saudi Stock Exchange, securities clearing and deposit businesses and technology services.

SNB Capital Co., JPMorgan (NYSE 🙂 Saudi Arabia and Citigroup (NYSE 🙂 Saudi Arabia is acting as financial advisor, joint global coordinator, recipient and book director.

($ 1 = $ 3.7504)