Saudi Stock Exchange plans 2018 IPO

The Saudi Stock Exchange (Tadawul) said on Thursday that it intends to launch an initial public offering in 2018 after completing the readiness exercise and obtaining the necessary approvals.

Tadawul, which is the only entity authorised to carry out trading in securities in Saudi, said it holds “a leading position among emerging markets in terms of its liquidity and traded value”.

The exchange had previously announced its intention to launch an IPO, but this was the first indication of a timeframe.

Tadawul, which has a market capitalisation of approximately $419bn, will announce its readiness exercise developments as they occur.

Earlier this week, Saudi Arabia announced a harsh austerity budget, with spending cuts, privatisations, and hikes in taxes and prices of fuel, gas feedstock and electricity all on the agenda.