An exact date and the size of the stake being floated will be revealed at a later date. Exchange bosses have also yet to confirm whether the listing will be open to foreign investors.
Tadawul, which is among the top 10 global stock markets with a market capitalisation of $2.6 trillion, will become only the third publicly-traded regional stock exchange after the Dubai Financial Market and Boursa Kuwait.
The PIF is the sole shareholder of Saudi Tadawul Group, which has four subsidiaries. These include the Saudi Exchange, a dedicated arm running the kingdom s equity market previously known as the Saudi Stock Exchange Company; the Securities Clearing Centre Company (known as Muqassa); the Securities Depository Centre Company (Edaa); and a new subsidiary focused on applied technology services known as Wamid.
Saudi Tadawul group appoints financial advisors for its upcoming IPO
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Saudi Tadawul names advisors for upcoming IPO
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Saudi Arabia s stock exchange gets a revamp ahead of anticipated IPO this year
CNBC 3 hrs ago Natasha Turak
The new parent company is now called the Saudi Tadawul Group, instead of Tadawul, with four portfolio companies.
This is in the effort to further develop the $2.5 trillion stock market s infrastructure before listing.
2020 was a bumper year for Saudi IPOs despite the Covid-19 pandemic. © Provided by CNBC Investors monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) following the debut of Saudi Aramco s initial public offering (IPO) on the Riyadh s stock market, in Riyadh, Saudi Arabia, December 11, 2019.
Saudi Arabia s stock exchange, the Tadawul, has announced its conversion into a holding company with four subsidiaries as it prepares for an initial public offering this year.