(MENAFN) Saudi Tadawul Group, the owner and operator of the country’s stock exchange, fixed the final cost of its initial public offering at the most expensive, assessing the firm at 12.6 billion Saudi riyals (USD3.36bn).
On Sunday, Saudi Tadawul Group stated in a statement that the final offer cost was determined at 105 riyals per stock, after the price discovery process. It had previously fixed the price extent of its IPO between 95 riyals (USD25.32) and 105 riyals (USD27.99) per stock. The overall order book amounted at 458bn riyals (about USD122,07b).
Saudi Tadawul Group is planning to sell 36 million stocks, or 30 per cent of its 120 million issued share capital, to the public. The firm, which received authorization for the public float from the kingdom’s Capital Markets Authority on November 4, stated that individual subscribers are going to be capable of signing for stocks in the offering between Tuesday and Thursday of the upcoming week (November 30 and December 2).
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