Today, Sunday, September 19, the process of individual subscription for the shares of the Arab Company for Internet and Communications Services solutions by stc began, which will continue until Tuesday, September 21.
2,400,000 ordinary shares representing 10% were allotted. A maximum of the total shares offered for public subscription to individual subscribers.
The company had announced that the institutional subscription period ended with a coverage rate that exceeded the target by 130 times, as the total value of institutional subscription reached 471 billion riyals.
It is noteworthy that the Arab Company for Internet and Communications Services “solutions by stc”, along with the financial advisors, namely HSBC Saudi Arabia, Morgan Stanley Saudi Arabia, and Al-Ahly Financial Company, announced the successful completion of the process of building the order book for institutions and determining the final price of the offering shares in Its public offering (the “initial public offering” or “offering”), and the final price of the offering shares was set at 151 riyals per share (the “final price”), which means that the market value of the company reached 18.1 billion riyals ($4.8 billion).
The CEO of stc Group, Olayan bin Muhammad Al-Wateed, confirmed that the company’s launch is in line with the directions of the stc group’s strategy for growth, and within the group’s pursuit of many ambitious digital projects.
Al-Wated indicated that the subscription is a qualitative and important leap in supporting companies operating in the field of communications and information technology, as these companies are among the main pillars of the Kingdom’s Vision 2030. Investment in technology is an important priority that supports development in various fields in the Kingdom.
He pointed out that stc is working to contribute to this vision and to provide the opportunity for investment entities, including companies and individuals, to join us on this journey, as we depend on an ambitious strategic plan to support sustainable growth.
He pointed to the success of solutions by stc in the stc system and its transformation from an acquisition of 100 million riyals to a company whose current value is estimated at more than 18 billion riyals.
These were the details of the news Today.. Individual subscriptions in solutions by stc start at 151 riyals... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.