Riyadh – Mubasher: The Public Investment Fund (PIF) and joint bookrunners have increased the size of the secondary public offering for Saudi Telecom Company's (stc) shares to 120 million shares, representing 6% of the company's share capital, from 100.2 million.

This step was taken based on a strong level of demand received from local and international investors during the bookbuilding process, according to a bourse filing on Wednesday.

Following the update in the offering size, 12 million shares, accounting for 10% of the total offer shares, will be allocated to retail investors.

Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia, and SNB Capital are acting as joint financial advisors and joint global coordinators in the transaction.