Saudi bourse operator Tadawul prices IPO at top of range, raises $1.01 bln

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Saudi Tadawul Group raised 3.78 billion riyals ($1.01 billion) on Sunday via an initial public offering (IPO) that was priced at the top of the indicated range and 121 times oversubscribed.

The company, which operates the kingdom's stock exchange, sold 36 million shares at 105 riyals apiece, it said in a statement after market hours. The price range given earlier had been 95 riyals to 105 riyals per share.


The total order book was 458 billion riyals, it said.

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The IPO of Saudi Tadawul, which is backed by Saudi Arabia's sovereign wealth fund PIF, is one of a flurry of deals in the kingdom following the 2019 listing of Saudi Aramco, the world's biggest flotation, which raised $29.4 billion.

Prominent IPOs this year have been ACWA Power International's $1.2 billion flotation and Saudi Telecom Co's IPO of Arabian Internet and Communications Services Co, which raised about $966 million.

The Saudi stock market is the Arab world's largest. Its listed companies have a total market capitalization of nearly $2.7 trillion.

Tadawul has converted itself into a holding company, with the bourse, called Saudi Exchange, its securities clearing and depository businesses and technology services becoming subsidiaries.

SNB Capital Co, JPMorgan Saudi Arabia and Citigroup Saudi Arabia are acting as financial Advisors, joint global coordinators, underwriters and bookrunners for the IPO.

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