#Saudi Telecom's tech business locks in $966 million from IPO | Reuters

Saudi Telecom's tech business locks in $966 million from IPO | Reuters

Saudi Telecom Company (7010.SE) has completed the retail and institutional subscription to the initial public offering of Arabian Internet and Communications Services Co, raising 3.624 billion Saudi riyals ($966.35 million), STC said on Wednesday.

The telecoms company last week priced the IPO at the top of an indicative range for its technology business, also known as Solutions by STC.

The proceeds are before deducting fees, expenses and related costs, STC said in an exchange filing.

Last week the company priced shares of Solutions by STC, final allocations and refunds of which have yet to come, at 151 riyals each, implying a market capitalisation of about $4.8 billion.