Saudi Integrated Telecom Company (SITC) will launch its IPO to offer 35 million shares representing 35% of the company’s share capital, Arab News reports. The offer price will be $2.7 a share and the subscription period will start from May 2 and last till May 8, 2011.

As part of the offering, a total of 5 million shares will be allocated to the General Organization for Social Insurance. AlBilad Investment will serve as the IPO manager and the main underwriter, adds Zawya.

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