Dealers in the Saudi market are waiting for two huge offerings, after the Capital Market Authority approved the request of the Arab Internet and Communications Services Company “STC Solutions” to offer 24 million shares for public subscription, representing 20 percent of the company’s shares, in addition to its approval to offer the shares of Aquapower at 11.1 percent of its shares.
According to the analysis of the reports unit in the “Al-Iqtisadiah” newspaper, which was based on financial data available for companies listed on the main market, the size of the two offerings is estimated according to the upper range at about 4.55 billion riyals for ACWA Power and about 3.62 billion riyals for the offering of STC Solutions. With a total of 8.17 billion riyals, which makes these two offerings among the ten largest in the history of the Saudi market.
This brings the value of the ten largest initial public offerings in the history of the Saudi market to 177.6 billion riyals, led by the oil giant “Saudi Aramco” and then the National Bank of Saudi Arabia.
According to the list, ACWA Power will be the ninth largest in the Saudi market, while STC Solutions will be the tenth largest, according to the higher price range.
According to the announcement of the financial advisors for the offering of “ACWA Power”, the price range of the offering was set in the range of 51-56 riyals per share, making the value of the offering between 4.55 and 4.14 billion riyals.
While the Arab Company for Internet and Communications Services “STC Solutions” allocated the price range for the offering between 136-151 riyals per share, making the value of the offering between 3.26 and 3.62 billion riyals.
The analysis includes all the initial offerings – an initial public offering – that were offered for the first time to the public, which do not include the capital increase offerings.
The higher price range makes the two companies with a market value of 40.9 billion riyals for ACWA Power, and about 18.12 billion riyals for STC Solutions, which makes the two companies in the list of the 50 largest companies listed in the Saudi market.
According to the market closings at the end of the last session, “Aquapower” will be ranked 15th among the listed companies, while “STC Solutions” will come in the 30th rank in terms of market value among the companies listed in the Saudi market.proposals 2021
The number of offerings in the main market since the beginning of the year has reached five, three of which have been listed on the market, while the value of the offerings is estimated at 9.63 billion riyals.
This year witnessed the offering of “Food Development” with a value of 402 million riyals, “Theeb Rent a Car” with a value of 516 million riyals, and “Al Khareef Water and Energy Technology” with an offering of 540 million riyals.
Economic Reporting Unit
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