---
title: Saudi Telecom unit seeks up to US$966m from IPO - Developing Telecoms
description: Saudi Telecom Company (STC), the provider of telecommunications services in the Kingdom of Saudi Arabia, said that its internet-services unit Arabian Internet and Communications Services Company is seeking to raise as much as 3.62 billion riyals (USD 966 million) from an initial public offering (IPO) in Riyadh.
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date: 2021-09-06T03:52:08Z
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Saudi Telecom Company (STC), the provider of telecommunications services in the Kingdom of Saudi Arabia, said that its internet-services unit Arabian Internet and Communications Services Company is seeking to raise as much as 3.62 billion riyals (USD 966 million) from an initial public offering (IPO) in Riyadh.

The unit, also known as Solutions by STC, plans to sell 24 million shares at an indicative price of 136 riyals to 151 riyals per share, it said in a statement. This would give STC a valuation of SR18.1bn at the upper end of the price range.

"The offering is comprised of 24 million ordinary shares, representing 20% of Arabian Internet and Communications Services issued share capital, by way of a sale of existing shares by the Saudi Telecom Company “STC” and Telecom Commercial Investment Company Limited (a subsidiary of STC)," said a statement.

Subscription to the offering shares is limited to two tranches of investors, tranche (A) and tranche (B).

Arabian Internet and Communications Services has a broad portfolio across the information technology and digital services sectors, especially in the B2B sector.

HSBC Saudi Arabia, SNB Capital, and Morgan Stanley Saudi Arabia in their capacity as Financial Advisors, Book-runners, and Underwriters on the potential initial public offering of Arabian Internet and Communications Services Company announced the price range, as well as the commencement of the institutional book-building period.

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