A maximum of 2,400,000 ordinary shares representing 10% of the total shares offered for public subscription were allocated to individual subscribers.
The company had announced that the institutional subscription period ended with a coverage rate that exceeded the target by 130 times, as the total value of institutional subscription reached 471 billion riyals.
The CEO of stc Group, Eng. Olayan bin Muhammad Al-Watied, confirmed that the company’s launch process comes in line with stc’s growth strategy, and within the group’s pursuit of many ambitious digital projects.
He emphasized stc’s work to contribute to this vision and to provide the opportunity for investment entities, including companies and individuals, to join us on this journey, as we depend on an ambitious strategic plan to support sustainable growth.
He pointed to the success of solutions by stc in the stc system and its transformation from an acquisition of 100 million riyals to a company whose current value is estimated at more than 18 billion riyals.
It is noteworthy that the Arab Company for Internet and Communications Services “solutions by stc”, along with the financial advisors, namely HSBC Saudi Arabia, Morgan Stanley Saudi Arabia, and Al-Ahly Financial Company, announced the successful completion of the process of building the order book for institutions and determining the final price of the offering shares in Its public offering (the “initial public offering” or “offering”), and the final price of the offering shares was set at 151 riyals per share (the “final price”), which means that the market value of the company has reached 18.1 billion riyals ($4.8 billion).