Traders at the Tadawul All Share Index in Riyadh. Image Credit: Bloomberg

Riyadh: Saudi Arabia’s stock exchange is seeking to raise as much as $1 billion from what would be one of the biggest IPOs in the exchange sector since Euronext NV’s listing in 2014.

The Saudi Tadawul Group Holding set the price range for its initial public offering between 95 riyals ($25.32) to 105 riyals per share, according to a statement. The exchange is selling a 30 per cent stake, or 36 million shares.

Riyadh has lately been the hottest market for IPOs in the region, with listings of companies such as ACWA Power International, backed by the kingdom’s wealth fund, and Saudi Telecom Co.’s internet-services unit.

Tadawul’s IPO has been on the cards since at least 2016, when it hired HSBC Holdings Plc as an adviser. It put the offering on hold while the exchange went through a process of increasing access for foreign investors, and then staged the listing of Saudi Aramco in 2019, the largest ever.

The process was resumed earlier this year and Tadawul replaced HSBC with Citigroup, JPMorgan Chase & Co., and SNB Capital as financial advisers and global coordinators for the IPO.