Advance International institutional offering 19.8x oversubscribed, offer price set at SAR 110/share

Logo of Advance International Communication and Information Technology

FALCOM Financial Services, in its capacity as the financial advisor and lead manager on the potential initial public offering (IPO) of Advance International Communication and Information Technology (AICTEC) on the Nomu – Parallel Market, announced that the book-building process for the qualified investors was completed, according to a bourse statement. 

The final offer price was set at SAR 110 per share, with a coverage ratio of 19.8x.

FALCOM will finalize the required procedures with the Saudi Exchange (Tadawul) and then determine the date for listing AICTEC on Nomu.

The subscription period to 400,000 shares of AICTEC by qualified investors ended on Dec. 16, according to data compiled by Argaam.

In November, the Capital Market Authority (CMA) approved the company’s request to offer 20% of its capital on Nomu.

AICTEC was established as a limited liability company in Riyadh on April 19, 2016, with a capital of SAR 100,000, divided into 100 in-kind stakes of equal value. In November 2020, the company's partners decided to increase the capital to SAR 20 million, divided into two million shares at a value of SAR 10 each, following which it was converted into a closed joint stock company.

The company's activities are represented in network extensions, installation and extension of computer and communications networks, as well as wholesale and retail sale of security devices.

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