Saudi Arabia’s Tadawul receives 50 IPO applications in 2022

Saudi Arabia’s Tadawul receives 50 IPO applications in 2022
Saudi Arabia’s Tadawul receives 50 IPO applications in 2022

The CEO of the Saudi Tadawul Group, Khaled Al-Hussan, said today, Wednesday, that the group has received 50 applications from companies for the initial public offering next year, and is studying whether the blank check companies, also known as special purpose acquisition companies, have a desire to list their shares in the market.

and collect Special purpose acquisition companies funds To buy a private company for the purpose of putting it on the market in a faster way than waiting for an initial public offering in the traditional manner.

Al-Hussan added that the market is studying business models and the extent to which the market accepts such companies in the Kingdom, explaining that no legal framework has been put forward for them yet, according to Reuters news agency.

“We are closely watching this latest development (regarding special purpose acquisitions) and are certainly looking forward to adding this element to our market,” Al-Hussan said after listing the shares of the Tadawul Group, which owns and operates the Saudi market, earlier today.

Al-Hussan added, “We must make sure that there is a demand for this tool on the part of investors and on the part of exporters.”

The Tadawul share opened today, Wednesday, at 115.4 riyals ($30.76), an increase of about 10% from its listing price in Riyadh. It was traded at 117.60 riyals in the afternoon.

The stock was priced at the top of the range set last week at 105 riyals ($27.99) per share. Tadawul Group raised 3.78 billion riyals ($1.01 billion) in an initial public offering, in which subscription requests exceeded 121 times the number of shares offered.

The Saudi stock index has risen 27% this year so far.

Al-Hussan said that between 20% and 25% of listing applications will be listed on the main Saudi index.

“In terms of market momentum, I think the markets are still very strong in terms of IPOs. It’s a great timing for us,” Al-Hussan continued.

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