Tadawul, the owner of Saudi Arabia’s stock exchange, will proceed with its initial public offering (IPO) and list the shares on the bourse.
The operator of the bourse will offer 36 million ordinary shares, representing 30 percent of its issued share capital of 120 million shares through a sale of existing shares by the sole shareholder, the Public Investment Fund (PIF).
This comes after the Gulf state’s regulator, Capital Markets Authority (CMA), signed off on the exchange’s IPO last week.
Tadawul has a market capitalization of over 10 trillion riyals ($2.6 trillion). Once listed, it will become the third publicly traded stock exchange in the region after the Dubai Financial Market (DFM) and Boursa Kuwait.