Saudi ArabiaMoney & Business

Saudi Tadawul Group to launch IPO for 36 million shares on Nov. 21

The Saudi Tadawul Group announced on Sunday that it is floating into public circulation 36 million ordinary shares, which represent 30 percent of the company’s capital of 120 million shares. The group will proceed with the initial public offering (IPO) to list its ordinary shares in the Kingdom’s Stock Exchange (Tadawul) after obtaining approval from the Capital Market Authority (CMA).

Institutional subscription of 90 percent of shares will begin on Nov. 21 while individual subscription of 10 percent shares will start on Nov.30, with the listing taking place during the first week of December.

Tadawul Group revealed last April that it had appointed JP Morgan, Citi Group and the securities arm of the National Bank of Saudi Arabia to arrange its IPO. The company’s shares will be listed on the main Saudi Stock Exchange (Tadawul) after completing all the procedures related to the offering and listing with the Capital Market Authority and the Saudi Tadawul. The Saudi Tadawul Group includes in its portfolio four wholly-owned subsidiaries: the Saudi Tadawul Company, one of the largest financial markets in the world in terms of market capitalization, the Securities Depository Center Company (Edaa), the Securities Clearing Center Company (Muqassa), and Wamid, the applied technology services business and innovation arm of the group.


Saudi Gazette
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