With the listing of the Arab Internet and communications company “STC Solutions”, according to the price range of 136 – 151 riyals per share, the value of the ten largest IPOs in the history of the Saudi market will amount to 173.6 billion riyals. led by the offer of the oil giant “Aramco”, which amounted to 96.6 billion riyals, then the National Bank of Saudi Arabia, with an offer value of 22.5 billion riyals.
Market players are in pending the new listing, after the Capital Market Authority has approved “STC Solutions” request to offer in public subscription 24 million shares, equivalent to 20% of the company’s shares.
According to a monitoring by the newspaper Al-Eqtisadiah, based on the historical financial data available for listed companies on the main market, the size of the Arab company’s offer for Internet and communications services “STC Solutions” is expected to be the ninth largest in the history of the Saudi market.
According to the announcement by “STC Solutions”, the offer price range was set in the range of 136-151 riyals per share, which makes the offer value between 3.26 and 3.62 billion riyals. .
According to the price range, the value of the initial offer should become the ninth value if you subscribe to the higher range, while it will occupy the tenth place if you subscribe to the lower range of 136 riyals per share.
The monitoring includes all initial offers that have been offered to the public for the first time since 2003, which do not include capital increase offers.
The process of building the order book for the institutional segment started yesterday, Sunday, and ends on Monday 13 September. As for the private subscription, it starts on Sunday 19th of the same month, and will continue for three days.
According to the prospectus, the company made a net profit in 2020 of 701.8 million riyals, up 78.2%, compared to around 393.8 million riyals in 2019.
The company works in the provision of Internet services, in the management of communication projects and in the transmission and processing of information in the Saudi market. And the price range causes the company to value 18.12 billion riyals at the upper limit, and about 16.32 billion riyals at the minimum, making it the 30th by market value among listed companies in the Saudi market. the “main market,” according to market closings at the end of last week.
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