Saudi Telecom Co. (STC) asked banks to pitch for roles in a potential public offering of STC Solutions (STCS), its products and services development arm, Reuters reported, citing informed sources.

 

The request for proposals to international and local banks was sent last week.

 

The company’s valuation could be around SAR 9 billion ($2.4 billion), if it garners 18-20 times its earnings multiples, the report said, quoting a source.

 

The IPO size could be around $500 million if the company sells 20%, the source added.

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