Riyadh – Mubasher: The Saudi Exchange (Tadawul) is reportedly close to launching an initial public offering (IPO) that could value it at $4 billion, people familiar with the matter told Bloomberg. 

Details of the IPO will likely be announced during October, sources told the international news agency on Wednesday, noting that discussions are still ongoing and no final decisions on timeframe have been taken. 

In recent years, Tadawul has been the most active market for IPOs in the Middle East, with new offerings oversubscribed, mostly by local retail and institutional investors.

In 2019, the kingdom witnessed the $29 billion offering of Saudi Arabian Oil Company (Aramco), the world’s largest oil producer, with shares being sold mostly to local investors seeking guaranteed dividends.

In September, Saudi Telecom Co.’s internet-services unit, solutions by stc, attracted $126 billion in orders for its IPO.