Saudi bourse operator sets price range for up to $1 billion IPO

Riyadh, Nov. 21 (BNA): Saudi Arabia’s Tadawul Group, the operator of the kingdom’s stock exchange, has set an indicative price range for its initial public offering (IPO) that shows it may raise up to 3.78 billion riyals ($1.01 billion) in the deal.

Saudi “Tadawul” said in a statement on the stock exchange, according to “Reuters”, that “Tadawul” intends to sell 36 million shares in the price range between 95 riyals and 105 riyals per share.

The final price will be determined after the completion of the record-building process, which begins on Sunday and ends on November 26.

HF