PIF, stc up secondary public offering size to 120 mln shares

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The Public Investment Fund (PIF) and stc increased the size of stc’s secondary public offering by 19.8 million shares from 100.2 million shares, or 5.01% of stc’s share capital to 120 million shares, or 6% of capital.

The decision came in response to growing demand by local and international investors during the institutional offering, the PIF and stc said in a Tadawul statement.

Accordingly, a total of 12 million shares, or 10% of the offer size, will be allocated to retail subscribers, in case there is sufficient demand by retail subscribers.

The offer timetable remained unchanged, the statement added.

Retail subscription to 10.02 million shares of stc started on Dec. 7 at 11.59 pm, and will close today, Dec. 8 at 11.59 pm.

The total number and final percentage of the shares allocated to retail subscribers will be determined after the book-building process and the final offer price.

The institutional offering, which started on Dec. 5, will run through Dec. 9.