RIYADH: The Saudi stock exchange co., better known as Tadawul, said in a statement today that it appointed SNB Capital as the lead Manager, financial Advisor, global coordinator and underwriter for its upcoming initial public offering of 30 percent of its shares.
Tadawul has also appointed J.P. Morgan Saudi Arabia, and Citigroup Saudi Arabia as financial Advisors, book-runners, global coordinators and underwriters on the IPO, it said.
The Saudi exchange got the Capital Market Authority (CMA) approval last week on the sale of 36 million ordinary shares to the public, representing 30 percent of its shares. The share price will be determined after the book-building period, it said in the statement.
Saudi Tadawul Group’s chief executive officer, Khaled Al-Hussan, said that the price range for the subscription will be announced on November 21, when the subscription opens, while individuals’ subscription will start on November 30, in an interview with Alarabiya, adding that 10 percent of the offered shares will be for individuals.
Al-Hussan confirmed the existence of about 30 to 40 companies planning to list in the financial market.
“We achieved 477 million riyals in net profits for the first 9 months of 2021, and the Tadawul Group aims to distribute 70 percent of its profits unless there are exceptional projects,” he added.