Earlier, Sunday, the process of building a book of orders began, to offer the Saudi Tadawul Group Holding Company, the operator of the local stock exchange, 36 million shares for public subscription, representing 30% of the company’s shares.
According to a statement by the director, contractor, and financial advisors for the subscription, the price range for the share in the subscription was set between 95 and 105 riyals (25-28 dollars).
According to The Eastern Herald ‘s calculations, this indicates that the offering is set to rise between 3.42 billion riyals and 3.78 billion riyals (912 million dollars – 1.01 billion dollars).
The subscription will be 70 percent (25.2 million shares) for institutions, and 30 percent (10.8 million shares) for individuals.
The period of building the order book process will continue for six days, starting today, and ending on Friday, November 26, while the subscription period for individuals will start from the 30th of the same month and for a period of three days.
Tadawul was established in 2007, with a capital of 1.2 billion riyals ($320 million), divided into 120 million shares wholly owned by the Saudi Sovereign Fund (Public Investment Fund).
“Tadawul” includes four subsidiaries, namely, the Saudi Tadawul (as a stock exchange), a clearing center for securities company (clearing), the Securities Depository Center Company (Edaa), and the new Wamd Company, which specializes in innovation-based technical services and solutions.
It is noteworthy that NCB Capital is the lead manager, the financial advisor, the director of the institutional subscription registry, the international coordinator and the underwriter, while JPMorgan Saudi Arabia and Citigroup Saudi Arabia are the financial advisors, bookrunners, international coordinators and underwriters in the initial public offering of “Tadawul”. .
