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21 Nov 2021

Saudi Stock Exchange Tadawul to Seek $1 Billion in IPO

Saudi Stock Exchange Tadawul to Seek $1 Billion in IPO

The Index Today

The Saudi Tadawul Group Holding is aiming to raising $1 billion through an initial public offering IPO with shares set at 95 riyals to 105 riyals each. The exchange is expecting to hold one of the biggest IPOs in the sector, sailing approximately 30% of its stake.

IPO activity has been seen surging in Riyadh lately, with leading companies such as ACWA Power International taking part. The group’s IPO plans were in the making but were put on hold due to increased number of international investors. The Saudi Aramco in 2019 was the largest ever listing to take place.

In 2016, HSBC Holdings Plc was hired as the financial advisor but has now been replaced by Citigroup Inc, JPMorgan Chase & Co, and SNB Capital for the IPO coordination.

©Photo: REUTERS/Ahmed Yosri