Saudi Arabia’s Tadawul looks to raise $1bn from its initial public offering – The National

Saudi Arabia’s Tadawul looks to raise $1bn from its initial public offering – The National

Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, is aiming to raise up to 3.78 billion Saudi riyals ($1bn) from its initial public offering.

The holding company has set the price range of its IPO between 95 riyals and 105 riyals per share, it said on Sunday in a statement to the Saudi Stock Exchange.

The company is selling 36 million shares, or 30 per cent, of its 120 million issued share capital to the public. The bidding and book-building period for investors will begin on November 21 and conclude on November 26.