(Bloomberg) -- Saudi Telecom Co.’s internet-services unit set the final offer price for its initial public offering at the top end of a range, in another sign of pent up demand for share sales in the kingdom.

Arabian Internet and Communications Services Co., also known as solutions by stc, set final offer price at 151 riyals ($40.3) a share, according to a statement Thursday. At that price, the sale will be valued at $966 million.

Riyadh has been the hottest market for IPOs in the Middle East over the past two years. ACWA Power International, one of Saudi Arabia’s main vehicles for building renewable energy projects, is also in the market, seeing to raise up to $1.2 billion in what would be the biggest offering in Riyadh since Saudi Aramco’s listing.

solutions by stc IPO details:

  • Order book was 130 times oversubscribed with the book-building generating 471 billion riyals in orders
  • Final offer price implies a market capitalization on admission of 18.1 billion riyals
  • Retail subscription: From Sept. 19 to Sept. 21
  • Offer size: 24 million shares, or a 20% stake
  • Initial price range was 136 riyals to 151 riyals per share
  • HSBC, Morgan Stanley and SNB Capital were financial advisers

Read: Biggest Saudi IPO Since Aramco Sees ACWA Plan $1.2 Billion Offer


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