Saudi bourse operator Tadawul sets price range for up to $1 bn IPO

DUBAI: Saudi Tadawul Group, the kingdom's stock exchange operator, has set an indicative price range for its initial public offering which shows it could raise up to 3.78 billion riyals ($1.01 billion) in

the deal.

Saudi Tadawul plans to sell 36 million shares in the price range of 95 riyals to 105 riyals a share, it said in a stock exchange filing.

Saudi Tadawul's listing plan comes after a boom in IPO activity in the kingdom following the listing of Saudi Aramco in 2019, which raised $29.4 billion in the world's biggest flotation.

Prominent IPOs this year have been ACWA Power International $1.2 billion flotation and Saudi Telecom Co's IPO of its unit, Arabian Internet and Communications Services Co, which raised about $966 million, Reuters reported.

Saudi Tadawul said the final price for its offering will be determined after the completion of the book-building process, which begins on Sunday and ends on November 26.

The market capitalisation of companies listed on Tadawul is around $2.7 trillion, making the bourse the Arab world's largest stock exchange.

Saudi Arabia's stock exchange has converted itself into a holding company and will be renamed Saudi Tadawul Group ahead of the listing this year, Group Chief Executive Khalid al-Hussan said

previously.