Arab News, Thursday, Apr 22, 2021 | Ramadan 10, 1442
Saudi Tadawul Group said to narrow banks for IPO process
Saudi Arabia:
Saudi Tadawul Group has short-listed three local and three foreign banks for
potential advisory roles in the financial market company’s upcoming initial
public offering (IPO), three sources said.
Citigroup, JPMorgan and Morgan Stanley were chosen, along with the securities
unit of Saudi National Bank, Saudi Fransi Capital and HSBC Saudi Arabia, the
sources said.
Tadawul, the kingdom’s bourse operator, is expected to chose one local bank and
potentially one or two international banks for its listing, they said. A final
round of pitching for roles is taking place this week, they added.
Tadawul did not immediately respond to a request for comment when contacted by
Reuters on Wednesday. Citigroup, JPMorgan, Morgan Stanley and HSBC declined to
comment. The units of Saudi National Bank and Saudi Fransi Capital were not
immediately available for comment.
Tadawul said earlier this month it had received proposals from 10 local and
international firms for the advisory roles.
Saudi Arabia’s stock exchange has converted itself into a holding company and
will be renamed Saudi Tadawul Group ahead of the listing this year, Group Chief
Executive Khalid Al-Hussan said previously.
The group will have four subsidiaries — its bourse Saudi Exchange, securities
clearing and depository businesses and technology services.