Saudi Telecom’s tech business locks in $966 mln from IPO

DUBAI, Sept 22 (Reuters) – Saudi Telecom Company has completed the retail and institutional subscription to the initial public offering of Arabian Internet and Communications Services Co, raising 3.624 billion Saudi riyals ($966.35 million), STC said on Wednesday.

The telecoms company last week priced the IPO at the top of an indicative range for its technology business, also known as Solutions by STC.

The proceeds are before deducting all fees, expenses and costs related to the offering, STC said in an exchange filing. (Reporting by Yousef Saba; Editing by Clarence Fernandez)

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