Perfect Presentation for Commercial Services Company (2P), a leading provider of ICT services in Saudi Arabia, has announced its intention to proceed with an Initial Public Offering (IPO) and listing of its ordinary shares on the Saudi Exchange’s Main Market.
The Capital Market Authority (CMA) approved the company’s application for the offering of 4,500,000 shares on September 12, representing 30 per cent of the company’s issued share capital, by way of a sale of existing shares by the company’s current shareholders. The final pricing of the offer will be determined at the end of the book-building period.
Key dates for the offering are:
* Prospectus publication: October 11
* Book-Building Period for institutions - October 18 to 24
* Offering period for retail - November 1
* Deadline for submission of subscription application forms based on the number of Offer Shares
provisionally allocated for the participating entities - October 27
* Deadline for payment of the subscription amount by participating entities based on their provisionally allocated offer shares - November 1
Nasser AlBassam, Founder and Chairman of 2P, said: “We believe that the Saudi ICT sector represents an enormous and exciting opportunity as it continues to grow following the increase in investment in Smart Cities and Giga Projects over recent years. The listing of 2P will help propel our future growth in line with market demands, and enable us to maintain and enhance our position as a leading ICT company in the Kingdom.”
Ehsan Doughman, CEO of 2P, said: “2P has strong digital capabilities and scale to offer our clients comprehensive and tailored solutions. Since its foundation, the Company has built a solid reputation and demonstrated its ability to be able to address our clients’ needs and have remained focused on providing innovate solutions In line with the Kingdom's vision 2030, and achieving the digital transformation goals.” -TradeArabia News Service