Solutions by STC, a unit of Saudi Telecom, has set an indicative price range for its initial public offering, aiming to raise as much as 3.6 billion riyals ($960 million). Arabian Internet and Communications Services Company (Solutions by STC) announced the company will offer 24 million ordinary shares at a price range of 136 to 151 riyals per share in an initial public offering (IPO).
STC Solutions solves problems related to mining big data, cloud computing, cybersecurity, and IoT (Internet of Things). It is the first MENA Big Data company to file for IPO.
On 28 June 2021, the Capital Market Authority (CMA) approved the company’s application for an initial public offering of 24,000,000 Shares, representing 20% of Solutions by STC’s capital, by way of a sale of existing shares. The final offer price of the Offer Shares will be determined at the end of the book-building period.
The bidding and Book-Building Period for participating parties will take place between 5 September 2021 and 13 September 2021.
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