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Saudi stock exchange targets up to $ 1 billion IPO

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Saudi Arabia is keeping the hearths on fire for regional public offerings, gearing up for what could be the biggest sale of shares by a stockbroker since Euronext NV.
Saudi Tadawul Group Holding is looking to raise up to $ 1 billion after setting the price bracket for an initial public offering of 95 riyals ($ 25.32) to 105 rials per share, the company said in a statement on Sunday. The Riyadh-based exchange, on which oil giant Saudi Aramco trades, plans to sell a 30% stake, or 36 million shares.
The offer comes amid a global IPO boom, with companies around the world posting a record high of more than $ 600 billion this year. In this context, Saudi Arabia has been among the leaders in the Middle East, listing private and family businesses as well as companies such as ACWA Power International, backed by the kingdom’s heritage fund, and the Internet services unit of Saudi Telecom Co.
Neighbors in Abu Dhabi and Dubai have also stepped up their efforts.
“This will surely keep investors on Tadawul excited,” said Junaid Farooq, fund manager at Frontier Investment Management Partners Ltd in Dubai. “Government policy is very supportive of listing private companies on the stock exchange and there are more than 60 IPOs slated for the pipeline over the next three years.”
Tadawul’s IPO has been in the pipeline since at least 2016, when it hired HSBC Holdings Plc as an advisor. He suspended the offer while the exchange went through a process of improving access for foreign investors, then organized Aramco’s listing in 2019, the largest on record.
The process resumed earlier this year and Tadawul replaced HSBC with Citigroup Inc, JPMorgan Chase & Co and SNB Capital as financial advisors and global coordinators. Commercial debut is expected in December, chief executive Khalid al-Hussan said earlier this month.
On average, 254 million shares have traded daily on the Tadawul over the past year, with a daily value of $ 2.5 billion.
“Market values ​​and trading liquidity are at an all time high,” Farooq said. “The first feeds the second, so optically speaking, this seems like the perfect time to monetize” the business.
The index fell more than 1% on Sunday as lower oil prices on Friday likely weighed on sentiment.

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