Riyadh – Mubasher: The Capital Market Authority (CMA) has granted its green light for the initial public offering (IPO) of Saudi Tadawul Group Holding Company's shares.
Saudi Tadawul Group plans to offer 36 million shares, representing 30% of the company’s capital, for the IPO.
The Saudi Exchange (Tadawul) said in a bourse filing on Wednesday that the prospectus will be published within sufficient time prior to the beginning of the subscription period.
Last April, Saudi Tadawul Group reportedly chose the securities unit of Saudi National Bank, Saudi Fransi Capital, and HSBC Saudi Arabia to be the local financial institutions for the IPO, while the shortlisted foreign banks were Citigroup, JPMorgan, and Morgan Stanley.
Tadawul had earlier announced its transformation into the holding group structure, Saudi Tadawul Group, as part of its plan for the IPO.
