The Tadawul, Saudi Arabia’s stock exchange, is a step closer to an initial public offering (IPO) after appointing JP Morgan, Citigroup and NCB Capital as financial advisors.
The public share sale was confirmed earlier in April by the exchange’s holding company, Saudi Tadawul Group.
Further details on the size and structure of the IPO are expected to be announced in the coming weeks as well as whether the sale will be open to foreign investors.
With a market capitalisation in excess of US$2.5 trillion, the Tadawul is the largest exchange in the Mena region.
The IPO is intended to finance the exchange’s growth plans and bolster its international standing, according to a Tadawul statement.
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