The Strategist

Middle East's largest stock exchange begins inviting banks to participate in its IPO


04/01/2021 - 04:21



Saudi's Tadawul stock exchange has begun inviting banks to participate in its upcoming IPO. The head of the Arab world's largest stock exchange, with a capitalisation of $2.5 trillion, promised to announce timing of this year's offering.



© 2018 Advantus Media, Inc. and QuoteInspector.com
© 2018 Advantus Media, Inc. and QuoteInspector.com
The Saudi stock exchage Tadawul has started telling banks that they can offer their services as part of its upcoming IPO, three sources told Reuters. 

Requests for proposals have been sent to a number of international and local banks to determine their roles in the upcoming offering, the sources said. Tadawul had not provided a comment to Reuters at the time of publication. 

Tadawul is the largest stock exchange in the Arab world with a capitalisation of $2.5 trillion, Reuters points out. It hired HSBC in 2016 to manage its IPO, which was scheduled for 2018. The IPO was eventually postponed due to the record-breaking IPO of oil company Saudi Aramco in late 2019. 

The timing of Tadawul's IPO will be announced this year, the exchange's CEO told Reuters in January. He noted that 2020 was a good test for the Saudi market. Despite the coronavirus, liquidity here has tripled, the number of qualified foreign investors has increased by 26% and more than 100,000 local investors have entered the stock market.

source: reuters.com




More
< >

Thursday, April 15th 2021 - 03:47 Wells Fargo's net profit jumps more than sevenfold