Saudi Telecom’s tech unit aims to raise up to $960 million in IPO

Saudi Telecom’s tech unit aims to raise up to $960 million in IPO

Arabian Internet & Communications Services Co., a Saudi Telecom subsidiary engaged in IT Counselling and system Integration Services Sector, had been exploring an option to raise as many as $960 million or 3.6 billion Saudi Riyals at a planned public market floatation, the unit of Saudi Telecom also dubbed as STC, said in a regulatory filing on Sunday.

Apart from that, according to Arabian Internet & Communication Services Co (STC), the entity had been working out an option to sell 24 million shares at a targeted range between 136 ($36.26) to 151 ($40.26) Riyals apiece at its IPO (Initial Public Offerings), while Saudi Telecom was reportedly selling a 20 per cent stake in the unit.

Latest move from Arabian Internet and Communication Services, which holds a broad portfolio across information technology alongside B2B digital services sector, to divest about a 20 per cent stake at its STC unit in a planned IPO, has been among a string of major deals making debarkations in Tadawul exchange this year, while STC unit’s latest IPO followed a $1-billion deal between Saudi Tadawul and Acwa Power.