Saudi Telecom’s tech unit aims to raise up to $960m in IPO

Arabian Internet and Communications Services Co, a unit of Saudi Telecom, has set an indicative price range for its initial public offering, aiming to raise as much as 3.6 billion riyals ($960 million).

The unit, also known as Solutions by STC, plans to sell 24 million shares at an indicative price of 136 to 151 riyals per share, it said.

Saudi Telecom is selling a 20 per cent stake in its unit in the share sale. Arabian Internet and Communications Services has a broad portfolio across the information technology and digital services sectors, especially in the B2B sector.