Saudi Arabia’s Advance International Co., better known as AICTEC, is to join the Kingdom’s stock exchange on Jan. 6, 2022, according to a bourse filing.
AICTEC will debut its shares on the Nomu parallel market.
In December 2021, a bourse statement by the company set the final offer price at SR110 ($29) per share — the highest end of an indicative range.
This followed the finalization of the book-building process by FALCOM Financial Services in its capacity as the financial advisor of the offering.
During the qualified investors’ subscription, a sum of 400,000 shares was offered, representing 20 percent of the company’s capital.
The company recorded 19.8 times oversubscription upon completion of the subscription period on Dec. 16, 2021.
Riyadh-based AICTEC was founded in 2016. It operates in the Kingdom’s information technology and communications sector, providing technical and security solutions locally and regionally.