Atheeb Aims To Break Saudi IPO Drought

Saudi telecoms group Etihad Atheeb Telecommuniations (Atheeb), one of the Kingdom's new fixed-line licensees, has confirmed that it is planning to raise up to US$80mn in an initial public offering (IPO) at the end of January. Atheeb is comprised of Bahrain Telecommunications (Batelco) and a number of private Saudi investors, and is planning to invest US$1bn in its fixed line operation in the next four years, according to Chairman Prince Abdul-Aziz bin Ahmed al-Saud. Atheeb will offer 30% of its capital, or roughly 30mn shares, at SAR10 (US$0.26) each, according to the Saudi Capital Markets Authority (CMA), in a move that would represent the first IPO in Saudi Arabia since August. There has been an understandable reluctance of late to list on the local bourse, given that it has lost 45% of its value since August.

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