Arabian Internet and Communications Services Company (solutions by stc), the leading ICT services provider in Saudi Arabia, announces its intention to proceed with an initial public offering (IPO) and listing of its ordinary share on the Saudi Stock Exchange (Tadawul) .
On June 28, 2021, the Capital Market Authority (CMA) approved the company’s application for an initial public offering of 24,000,000 shares, representing 20% of solutions by stc’s issued share capital, by way of a sale of existing shares by the Saudi Telecom Company and Telecom Investment Trading Company Limited (a subsidiary of stc). The final offer price of the offer shares will be determined at the end of the book-building period.
“Operating in the GCC’s largest economy and digital hub, solutions by stc’s bold growth strategy has positioned us to capture and optimise the significant growth expected in Saudi Arabia’s ICT market. Over 25 years, we have evolved into the Kingdom’s leading enabler of digital transformation, helping to deliver the Vision 2030 objective to establish and accelerate digitisation across the nation.” - Riyadh S Muawad, Chairman of solutions by stc’s Board of Directors.
The kingdom’s B2B ICT services market is expected to grow at 6.7% p.a. – in comparison to a mature market’s growth rate of c. 3% - and is forecast to be worth SR53 billion ($14.14 billion) by 2025 .
solutions by stc offers end-to-end IT services and digital solutions across the ICT value chain, including core ICT services, IT managed and operational services and digital services across several sectors, including government, healthcare, real estate, banking, oil and gas, and education.
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