stc sets retail secondary offer price at SAR 116; to refund surplus in 3 cases

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Retail subscription to 10.02 million shares of stc will start today, Dec. 7, at 11.59 pm, and run for one day until Dec. 8 at 11.59 pm.

The minimum subscription for retail investors is 10 shares based on the retail investors' subscription price per share, which was determined at SAR 116, the telecom operator said in the offering’s prospectus. 

The company added that surplus amounts will be refunded in the following three cases: if the final offering price is below the upper limit of the offering’s price range; if the full shares subscribed were not allocated to investors; and, if the final offering price is higher than the closing market price on Dec. 9, 2021. 

In the final scenario, none of the offering shares will be allocated to the retail investor category and the funds will be returned without any commissions or deductions by the receiving entities.

Refunds will be deposited into retail investors’ accounts, as specified in the application, including any amount related to the fractional shares, if any.

The final offering price will be announced on Dec. 10.

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