RIYADH: The Saudi Tadawul group is heading to raise about $1 billion from the IPO it's launching this month, a banking source told CNBC Arabia.
The primary indications of the promotional rounds that started last Sunday indicate a record subscription by foreign institutions and investors, the source said.
The private source emphasized that the deal is expected to be priced at the upper end of the price range amid expectations of strong demand from institutions.
The process of building the order book for institutions will start from November 21 till November 26.
Tadawul had announced its intention to offer 30 percent of its shares in the Saudi market, with the possibility of allocating 10 percent of the total offering to individuals, before raising the percentage at a later time to 30 percent, bringing the expected share of institutions to about 70 percent.