Lenders and advisers including JPMorgan Chase & Co. and Citigroup Inc. are expected to share $21 million in fees from the Saudi stock exchange’s initial public offering.
The US banks, along with SNB Capital, the investment-banking unit of Saudi National Bank, are the global coordinators and underwriters of Saudi Tadawul Group Holding’s IPO. The offering expenses are estimated at about SR80m ($21m), according to the prospectus.
The fees compare with the $42m that lenders and advisers including JPMorgan and Citigroup shared from ACWA Power International’s IPO in September.
The offering, which may be one of the biggest in the exchange sector since Euronext NV’s $1.2 billion listing in 2014, could value the bourse at between $3bn and $4bn, people familiar with the matter said last month.
The exchange will offer all shares to institutional investors, with a clawback to retail investors of up to 10 percent of shares. CEO Khalid Al Hussan said IPO subscription for institutions will start on November 21 and for individuals on November 30.
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