stc completes secondary public offering, free float rises to 29.84%

Logo of stc

SNB Capital in its capacity as the Lead Manager and Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia, SNB Capital, Citigroup Saudi Arabia and Credit Suisse Saudi Arabia as Joint Bookrunners (JBRs) to stc and the Public Investment Fund (PIF) announced the successful completion of the secondary public offering of stc’s ordinary shares.

The PIF sold 120 million shares in stc, representing 6% of stc’s capital, according to a statement to Tadawul.

The Kingdom’s sovereign wealth fund raised proceeds of SAR 12 billion from the secondary public offering, with the final offer price was set at SAR 100 per share.

The selling shareholder’s ownership in stc reached 64% post the offering. The free float of stc rose to 29.84%.

The subscribed shares were credited to investor portfolios on Dec. 12, and the surplus amounts were refunded to retail subscribers.

For More IPOs