Saudi Tadawul Group to offer 30 pct of company’s capital in IPO

Saudi Tadawul Group to offer 30 pct of company’s capital in IPO

Saudi Arabia’s Tadawul Group announced it will proceed with the initial public offering (IPO) to list its ordinary shares in the Kingdom’s stock exchange (Tadawul) after obtaining approval from the Capital Markets Authority of Saudi Arabia.

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Tadawul Group is offering 36 million ordinary shares, which represent 30 percent of the company’s capital of 120 million shares, the official Saudi Press Agency (SPA) reported.

The Saudi Tadawul Group was established in March 2021, following the transformation of the Saudi Stock Exchange (Tadawul) into a Holding Group structure.

The company’s shares will be listed on the main Saudi Stock Exchange (Tadawul) “after completing all the procedures related to the offering and listing with the Capital Market Authority and the Saudi Tadawul,” according to SPA.

Saudi Arabia’s Public Investment Fund (PIF) is selling the shares that will be offered.

The press agency added that the company’s shares will be offered for public subscription by individual and institutional investors, including foreign financial institutions located outside the US.

The Saudi Tadawul Group includes in its portfolio four wholly owned subsidiaries: the Saudi Tadawul Company, one of the largest financial markets in the world in terms of market capitalization,