exciting prospects for the future,” said Yazeed al-Humied

The Saudi Public Investment Fund (PIF) sold six percent of the share capital of Saudi Telecom Company (STC) worth $3.2 billion, the second-largest transaction ever on the Tadawul exchange after the Saudi Aramco IPO in December 2019.

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The secondary public offering of the telecoms group was oversubscribed by retail and institutional investors and was announced on Tuesday.

Saudi PIF will remain the majority shareholder with a 64 percent stake in the company.

The sale of 120 million shares was also the first-ever secondary public offering on the Tadawul market.

It was the largest secondary follow-on transaction in Europe, the Middle East, and Africa in the last three years.

“The strong interest that this offering has generated from domestic and international investors is testament to STC’s enduring strengths and exciting prospects for the future,” said Yazeed al-Humied, PIF Deputy Governor and Head of MENA Investments.

The sale follows the listing of ACWA Power in October, which debuted at $1.2 billion.

Saudi Aramco broke international records with its 2019 IPO that raised $29.4 billion.

Bourse owner Saudi Tadawul Group listed its own shares on December 8, raising as much as $1 billion.

“The healthy reception of PIF’s secondary offering highlights the maturity of the Saudi Capital Market, emphasizing its depth, resilience and strength in response to positive regulatory and economic policies,” said Khalid al-Hussan, CEO of the Saudi Tadawul Group.

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