A banking source told CNBC Arabia that the subscription requests by institutions for the offering of the Saudi Telecom subsidiary STC exceeded the percentage specified for the institutional investment category on the first days of the subscription, which started last Sunday, and is expected to end on September 13th.
The demand from institutions exceeded more than 100%, to record building orders for institutions towards the entire proceeds of the offering, which is expected to range between $870 million and $966 million based on the indicative price for offering Solutions by STC.
The STC subsidiary intends to offer 24 million shares, representing 20% of its capital.
Subscription to the offering shares is limited to two segments of investors, including categories that are entitled to participate in building the order book in accordance with the instructions for building the order book and allocating shares in initial subscriptions issued by the Board of the Capital Market Authority.
The number of offering shares that will be initially allocated to the participating classes is 24 million offering shares, representing 100% of the total offering shares, provided that the final allotment is after the end of the individual subscription period.