Oversubscribed SITC IPO Reflects Buoyant Investor Confidence In Saudi Telecoms Market

Saudi Arabian alternative fixed-line and broadband operator Saudi Integrated Telecommunications Company (SITC) raised almost treble the amount it was expecting to receive from its long-awaited initial public offering (IPO) in May 2011. Just 30% of its share capital has been floated, raising SAR881mn (US$235mn) from Saudi-only investors. BMI considers this expression of confidence in an operator that has yet to make a significant impact on a market dominated by the state-owned incumbent, actually reflects buoyant investor expectations for the Saudi ICT market.

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