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Saudi Tadawul Group sets price range for IPO at $25 to $27 per share

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Saudi Tadawul Group sets a price range for its initial public offering at $25 (95 SAR) to $28 (105 SAR) per share, Al Arabiya reported.

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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, on November 8.

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, the Securities Depository Center Company (Edaa), the Securities Clearing Center Company (Muqassa), and Wamid, the applied technology services business and innovation arm of the group.

With Reuters

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