JEDDAH — Saudi Tadawul Group is close to announcing plans for an initial public offering (IPO) that could value it at as much as $4 billion (about SR15 billion), according to a report published on Bloomberg.

Details of the IPO may be published as soon as this month, sources told Bloomberg.

The sources added that talks are ongoing and no final decisions on timeframe have been taken.

Tadawul, formerly known as Saudi Stock Exchange, announced last April its transformation into a holding group under the name of Saudi Tadawul Group ahead of the planned share sale this year.

The group includes four subsidiaries: the Saudi Exchange, Securities Clearing Centre (Muqassa), Securities Depository Centre (Edaa) and Wamid.

Tadawul Co. was established in 2007 with SAR 1.2 billion capital, divided into 120 million shares, which are 100% owned by the Public Investment Fund (PIF). — SG