stc announces completion of institutional, retail IPO of solutions by stc

Logo of solutions by stc

stc announced the completion of institutional and retail subscription to 20% of the shares of its subsidiary, Arabian Internet and Communications Services Co. (solutions by stc).

The company said in a bourse statement that the total proceeds from this offering amounted to SAR 3.624 billion, before deducting all fees, expenses, and costs related to the offering.

Dates for the final allocation of offer shares and the refund of excess subscription amounts will be based on what was announced in the prospectus.

The financial impact of the proceeds will reflect on the company's Q3 2021 financials, and there will be no impact on the profit or loss statement.

According to data compiled by Argaam, retail subscription for 2.4 million shares of solutions by stc, at SAR 151 a share, ended on Sept. 21.

The firm’s institutional offering ended last week and was 13,003% oversubscribed.

The company floated 24 million shares, or 20% of its capital, reaching 120 million shares.

 For More IPOs