Saudi stock exchange sets IPO price at top end of range – ArabianBusiness.com
- Date: 29-Nov-2021
- Source: Arabian Business
- Sector:Financial Markets
- Country:Saudi Arabia
Saudi stock exchange sets IPO price at top end of range – ArabianBusiness.com
Saudi Tadawul Group Holding set the final price of its initial public offering at the top end of the range, giving the Riyadh-based stock exchange a valuation of SAR12.6 billion ($3.4bn).
Tadawul set the price at SAR105 per share after an institutional book-building process, according to a statement. The coverage ratio was 121 percent of shares on offer and the order book amounted to SAR458bn ($122bn).
At that price, the share sale will raise as much as $1bn for the exchange’s sole shareholder, the Public Investment Fund, from selling a 30 percent stake. Tadawul had set the price range at SAR95 to SAR105 a share for the IPO.
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