ITC launches IPO; 35 million shares up for grabs

4 May 2011

Saudi Arabia’s Integrated Telecom Company (ITC) commenced an initial public offering (IPO) on Monday 2 May, with 35 million shares available at a price of SAR10 (USD2.7); this amount represents 35% of the company’s total share capital. As part of the offering, a total of five million shares will be allocated to the General Organisation for Social Insurance (GOSI). AlBilad Investment Company, the financial advisor managing the IPO, said that it had received ‘an overwhelming response from investors’, with 42% coverage within the first 24 hours of trading. The company has reportedly received 33,200 requests for 12.63 million shares, worth SAR126.3 million. The subscription period ends on Sunday 8 May.

Saudi Arabia, Integrated Telecom Company (ITC)