Solutions by STC prices IPO at top range

DUBAI: Arabian Internet and Communications Services Company, a Saudi Arabia based information technology services provider, is set to raise 3.6 billion riyals ($960 million) in its initial public offering after pricing the deal at the top of an indicative price range.
The company, also known as Solutions by STC, said the IPO for the company was priced at 151 riyals per share, implying a market capitalisation of $4.8 billion. STC is selling a 20 percent stake in the IPO.
The IPO order book was 130 times oversubscribed during the book-building process, it added.
In a Tadawul filing, the company said HSBC Saudi Arabia, SNB Capital, and Morgan Stanley Saudi Arabia were Financial Advisors, Book-runners, and Underwriters
The individual investors tranche subscription process will commence on Sunday and ends on Tuesday.