DUBAI: Solutions by STC has completed the institutional and retail subscription for its initial public offering, where it raised SR3.624 billion ($966.4 million).
The Saudi Telecoms Company unit is offering 20 percent of its share capital, or 24 million shares out of 120 million.
Final allocations of offer shares, as well as the refund of excess subscription amounts will be based on the prospectus, the company said in a Tadawul filing.
The financial impact of the IPO will reflect on the company’s Q3 2021 financials.
