There has been strong demand for shares in the IPO of the Saudi fixed-line operator and ISP Integrated Telecom Company (SITC), according to local media.
According to an Arab News report on Saturday, the lead underwriter for the IPO, AlBilad Investment,…
There has been strong demand for shares in the IPO of the Saudi fixed-line operator and ISP Integrated Telecom Company (SITC), according to local media.
According to an Arab News report on Saturday, the lead underwriter for the IPO, AlBilad Investment, had said that the company had received 92,700 requests for 424,600 subscribers on 35.7 million shares worth SR357m (US$95.2m).
The offering was due to close yesterday.
An earlier Arab News report on 1 May stated that ITC would be offering 35 million shares, approximately 35% of its share capital, in the IPO. The offer price would be SR10 (US$2.67).
ITC is part of the Al Mawarid conglomerate, which includes 27 subsidiaries in the areas of media and communications, investment services, projects and training.
ITC plans to roll out a high-speed fibre network within seven years of operation, as well as a 4G network integrating LTE technology.
Aside from AlBilad, other participating banks in the IPO deal reportedly include Al-Rajhi Bank, Arab National Bank, Banque Saudi Fransi, National Commercial Bank, Riyadh Bank, SABB and Samba.
