Saudi PIF announces successful sale of 10% stake in Tadawul Group

Saudi PIF announces successful sale of 10% stake in Tadawul Group

Saudi Arabia’s Public Investment Fund (PIF) has sold a 10 percent stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising $612 million (2.3 billion riyals).

The PIF, which has over $600 billion in assets, offered 12 million shares in Tadawul Group. The offering was successfully oversubscribed by both local and international institutional investors.

Further, this offering is the second largest Accelerated Bookbuild Offering to ever take place in the Saudi market and the GCC region, as per the statement.

The sale is in line with PIF’s strategy to recycle its capital and invest in emerging and promising sectors in the local economy.

The final price for the offering represents a discount of 8.9 percent to the closing share price on the last trading day before the offering, according to the offering documents.

Mr. Eyas AlDossari, Head of Investment Advisory in the MENA Investments Division at PIF, said that, “This transaction is in line with PIF’s strategy to recycle the Fund’s capital and invest in emerging and promising sectors in the local economy.”

Mr. AlDossari further noted that “the strong interest generated from domestic and international investors is indicative of Saudi Tadawul Group Holding Company’s ability to attract a broad