Today, Sunday, September 19, the process of individual subscription for the shares of the Arab Company for Internet and Communications Services solutions by stc began, which will continue until Tuesday, 21 September.
According to Arabia Net, 2,400,000 ordinary shares representing 10% of the total shares offered for public subscription were allocated to individual subscribers as a maximum.
The company had announced that the institutional subscription period ended with a coverage rate that exceeded the target by 130 times, as the total value of institutional subscription reached 471 billion riyals.
It is mentioned that the Arabian Internet and Communications Services Company is solutions by stc, along with the financial advisors, namely HSBC Saudi Arabia, Morgan Stanley Saudi Arabia, and Al Ahli Capital It had announced the successful completion of the process of building the order book for institutions and determining the final price of the offering shares in its public offering (the initial public offering or offering), and the final price of the offering shares was set at 151 riyals per share (the final price), which means that the market value of the company reached 18.1 One billion riyals ($4.8 billion).
The CEO of stc Group, Olayan bin Mohammed Al-Watied, confirmed that the company's launch process comes in line with stc Group's growth strategy, and within the group's pursuit of many projects. ambitious digital.
Al-Wated pointed out that the IPO is a qualitative and important leap in supporting companies working in the ICT sector, given that these companies are among the main pillars of the Kingdom's Vision 2030. Important priorities that support development in various fields in the Kingdom.
He pointed out to stc's work to contribute to this vision and to provide the opportunity for investment entities, including companies and individuals, to join us on this journey, as we depend on an ambitious strategic plan to support sustainable growth.
He referred to the success of solutions by stc in the stc system and its transformation from the acquisition of 100 million riyals to a company whose current value is estimated at more than 18 billion riyals.
