Saudi stock exchange sets IPO offer price at top end of range


Saudi stock exchangeTadawul, as the exchange is known, set the price at 105 riyals (RM118.65) per share after an institutional book-building process, according to a statement.

RIYADH: Saudi Tadawul Group Holding set the final price of its initial public offering (IPO) at the top end of the range, giving the Riyadh-based bourse a valuation of 12.6 billion riyals (US$3.4bil or RM14.41bil).

Tadawul, as the exchange is known, set the price at 105 riyals (RM118.65) per share after an institutional book-building process, according to a statement.

The coverage ratio amounted to 121% of total shares on offer.

At that price, the share sale will raise as much as US$1bil (RM4.24bil) for the exchange’s sole shareholder, the Public Investment Fund, from selling a 30% stake. In November, Tadawul had set the price range at 95 riyals (RM107.35) to 105 riyals (RM118.65) a share.

The offering comes amid an IPO boom, with companies around the world raising a record of more than US$600bil (RM2.54 trillion) this year.

Against that backdrop, Saudi Arabia has been among the leaders in the Middle East, listing private and family-owned firms as well as companies such as ACWA Power International, backed by the kingdom’s wealth fund, and Saudi Telecom Co’s internet-services unit. — Bloomberg

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