RIYADH: Saudi Tadawul Group, the holding company behind the Kingdom’s stock exchange, on Wednesday announced it has appointed NCB Capital, JP Morgan, and Citigroup as financial advisors and global coordinators for its initial public offering (IPO) planned for later this year.
“The IPO will provide an important strategic dimension to realize the group’s expansion plans, strengthen its position globally, and align its growth objectives with the Public Investment Fund’s strategy to boost the economic transformation of Saudi Arabia,” the Saudi Tadawul Group said in a press statement.
Earlier this month, the Tadawul stock exchange announced it had become a holding company under the name Saudi Tadawul Group, with four subsidiaries. The four new Saudi Tadawul Group companies are Saudi Exchange (Tadawul), Securities Clearing Center Co. (Muqassa), Securities Depository Center Co. (Edaa) and a new company, Wamid.
The Saudi Stock Exchange is ready for the IPO
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The Saudi Stock Exchange is ready for the IPO
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Saudi Arabia’s Tadawul to restructure ahead of planned IPO
A display inside the Saudi Stock Exchange, also known as Tadawul
Tadawul, the Saudi stock exchange, will restructure to become a holding company ahead of its initial public offering later this year.
The exchange will restructure into Saudi Tadawul Group, a parent company housing four subsidiaries: the Saudi Exchange, a stock exchange business previously known as the Saudi Stock Exchange Co.-Tadawul; the Securities Clearing Center Co., known as Muqassa; the Securities Depository Center Co., known as Edaa; and a new, dedicated applied technology solutions company, Wamid.
The move aims to increase Saudi Arabia s position as an attractive global investment destination and the gateway to the MENA region, a document outlining the changes said.