The Saudi Stock Exchange (Tadawul) announced the listing and start of trading in the shares of the Arab Company for Internet and Communications Services (Solutions), a subsidiary of the Saudi Telecom Company (STC), In the official Saudi market, starting today, Thursday.
The stock exchange said earlier that the listing of (Solutions) will take place with the trading code (7202) and the international code (SA15CIBJGH12), provided that the daily price fluctuation limits are (+/ - 30%), with the application of fixed limits for price fluctuation at (+/- 10%).
These limits will be applied only during the first three days of listing, and starting from the fourth trading day, the daily price fluctuation limits will be reset to (-/+ 10% ), and canceling the fixed limits of price volatility.
STC Solutions announced, last Tuesday, the completion of the individual subscription process for the initial public offering of Solutions, with a coverage rate of 2365%, and requests reached Its value is about 8.6 billion riyals.
The subscription period for individual subscribers began on Sunday, September 19, and ended on Tuesday, September 21 of the same month, with the subscription of all 2.4 million shares allocated to this segment. A share of 10% of the total shares offered at the final price of the offering shares at 151 riyals per share.
The company had announced the completion of the process of building the order book for institutions, which achieved a coverage rate that exceeded the target by 13,004.7%, with a value of 471 billion riyals.
The final price of the offering shares was set at 151 riyals per share; This means that the market value of the company upon listing has reached 18.1 billion riyals.
The total size of the offering amounted to 3.62 billion riyals, and the initial public offering process consists of offering 24 million ordinary shares for sale by existing shareholders; Which represents 20% of the company's capital.
