A secondary public offering has been completed successfully by the Public Investment Fund (PIF) and Saudi Telecom Company (stc), Saudi Arabia’s premier ICT provider, whose ordinary shares are listed on the Saudi Stock Exchange.
120 million shares representing 6.0% of stc’s share capital were offered to local and international institutional investors as well as retail investors through a secondary public offering, the first of its kind in the Saudi Capital Market.
The successful offering was oversubscribed by retail and institutional investors
The total offering size reached SAR 12 billion ($3.2 billion), which makes it the largest equity capital markets transaction in Saudi Arabia since the IPO of Saudi Aramco, the largest secondary follow-on transaction in EMEA in the last three years, and the largest secondary follow-on transaction in Central and Eastern Europe, Middle East, and Africa in nearly 10 years.
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