Arabian Internet and Communications Services Company, also known as Solutions by STC, plans to raise up to 3.62 billion Saudi riyals ($966m) through an initial public offering on the Tadawul stock exchange. The company is selling 24 million shares representing 20 per cent of its share capital and the price range for the offering has been set at 136 riyals to 151 riyals per share, the company said on Sunday. Solutions by STC provides services related to internet connectivity, cyber security integration and cloud services. The company has more than 25,000 clients across 35 cities, according to its website. The company appointed HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital as financial advisers, underwriters and book runners for the offering, with HSBC Saudi Arabia acting as the lead manager. “Trading of the company's shares in the exchange is expected to commence after all relevant regulatory requirements are satisfied,” the company said. Solutions by STC reported a 78 per cent jump in its 2020 net profit to 701.7m riyals as revenue rose 31 per cent to 6.89 billion riyals, according to the company’s prospectus. The kingdom’s ICT market is projected to grow at an annual rate of 6.7 per cent to 53.8bn riyals by 2025 from 33.8bn riyals in 2018, the company said. Saudi Arabia has also registered a rise in listings this year as companies seek to tap into the improving economic sentiment. Alkhorayef Water & Power Technologies raised $144m and Theeb Rent a Car raised $138m. Both sold 30 per cent of their shares on Tadawul this year. Another major company from the kingdom, Acwa Power, will list 11.1 per cent of its shares on the the Arab world's biggest bourse to raise additional money to boost its growth, <a href="https://www.thenationalnews.com/business/energy/2021/09/02/acwa-power-to-list-on-saudi-arabias-tadawul-exchange/" target="_blank">it said last week.</a> Acwa Power operates in 13 countries across the Middle East, Africa and South-east Asia. It has a portfolio of 64 assets with a total investment of $66 billion, producing 42 gigawatts of power and 6.4 million cubic metres per day of desalinated water. The listing will be one of the biggest in the region's energy industry after Saudi Aramco, the world's largest oil-exporting company. Saudi Arabia, the world's biggest oil exporter, is investing significantly in its digital transformation and has introduced various smart initiatives in recent years. Last month, the kingdom announced initiatives worth $4bn in partnership with 10 global tech companies. The kingdom also plans to provide up to $4m in loans to technology businesses to boost its digital economy and attract new investment in the sector. The Arab world’s largest economy will provide loans ranging from 100,000 Saudi riyals to 15m riyals to support start-ups and small and medium enterprises operating in the technology sector, according to the Saudi Press Agency. <br/>