First IPO in Saudi in 2011 for telecom

20 Apr 2011

(MENAFN) Regulator of the stock market in Saudi Arabia stated that it approved an initial public offering (IPO) for Saudi Integrated Telecommunication Company, which would be the first IPO in the Saudi Market in 2011, reported Reuters.

The regulator stated that the telecommunication company would offer 35 percent of its shares, priced at USD2.7 for every share. The IPO would begin and end early in May.

The regulator added that the IPO would consist of 35 million shares, 5 million of which would be granted automatically to the General Organization for Social insurance.

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