RIYADH: Saudi Tadawul Group Holding set the final price of its initial public offering (IPO) at the top end of the range, giving the Riyadh-based bourse a valuation of 12.6 billion riyals (US$3.4bil or RM14.41bil).

       Tadawul, as the exchange is known, set the price at 105 riyals (RM118.65) per share after an institutional book-building process, according to a statement.

       The coverage ratio amounted to 121% of total shares on offer.

       At that price, the share sale will raise as much as US$1bil (RM4.24bil) for the exchange’s sole shareholder, the Public Investment Fund, from selling a 30% stake. In November, Tadawul had set the price range at 95 riyals (RM107.35) to 105 riyals (RM118.65) a share.

       The offering comes amid an IPO boom, with companies around the world raising a record of more than US$600bil (RM2.54 trillion) this year.

       Against that backdrop, Saudi Arabia has been among the leaders in the Middle East, listing private and family-owned firms as well as companies such as ACWA Power International, backed by the kingdom’s wealth fund, and Saudi Telecom Co’s internet-services unit. — Bloomberg