(Adds detail, background)<\/p>\n
DUBAI, Sept 5 (Reuters) – 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).<\/p>\n
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.<\/p>\n
Saudi Telecom is selling a 20% 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.<\/p>\n
STC unit\u2019s IPO is among a spate of deals hitting the Saudi Arabian exchange this year including Acwa Power\u2019s more than $1 billion deal and Saudi Tadawul Group.<\/p>\n
The book-building process for the deal will begin on Sunday and end on Sept. 13, while the subscription period for individual investors will take place on Sept. 19-21.<\/p>\n
HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital are acting as financial advisers, underwriters and bookrunners on the deal.<\/p>\n