Saudi Arabia’s Public Investment Fund is selling an additional 10% stake in the kingdom’s stock exchange, the Tadawul, “pushing ahead with plans to reduce its holdings in some of the country’s biggest companies and raise funds for investments,” Bloomberg reports.
The listing comes a year after the Tadawul first went public with a $1 billion initial public offering in which the PIF sold a 30% stake.
Investors put in orders “for all the stock on offer less than an hour after the books opened, according to terms of the deal seen by Bloomberg News.”
According to the Bloomberg report, the Public Investment Fund is offering 12 million shares in Saudi Tadawul Group Holding, and “based on the closing price of 209.60 riyals on Thursday, the deal could raise about 2.52 billion riyals ($669 million).”
The price will be determined through an accelerated book-building process, which started immediately and the results will be announced on Friday.
