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stc says nearly SAR 4bn raised through solutions by stc IPO

stc says nearly SAR 4bn raised through solutions by stc IPO
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Riyadh – Mubasher: Saudi Telecom Company (stc) said that the total proceeds from the initial public offering (IPO) of the Arabian Internet and Communications Services Company (solutions by stc) amounted to SAR 3.624 billion.

This value was calculated before deducting all fees, expenses, and costs related to the IPO after the completion of both institutional and retail subscription, stc said in a bourse filing on Wednesday.

The financial impact of the proceeds is expected to reflect on stc’s financial results of the third quarter (Q3) of 2021, yet there will be no impact on the profit or loss statement.

stc added that the final allocation of the IPO shares and the refund dates of excess subscription amounts will be based on what was announced in the offering prospectus.

The offering included 20% of the company’s existing share capital.