Banks Flocked to Saudi Arabia But Still Await IPO Fee Riches
Photographer: Simon Dawson/Bloomberg
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The latest crop of Saudi Arabia’s market newcomers is proving just as frugal when it comes to paying investment bankers.
Despite attracting $125 billion in orders from investors for an initial public offering of Saudi Telecom Co.’s internet-services unit, banks including Morgan Stanley and HSBC Holdings Plc are set to share just about $12 million in fees, Arabian Internet and Communications Services Co., also known as solutions by stc, said in its prospectus.