Inma Bank plans to raise SR10.5 billion ($2.8 billion, ) in April in Saudi Arabia's largest initial public offering, the Capital Markets Authority (CMA) said on Tuesday.
Inma will sell shares representing a 70 per cent stake from April 7, it said in a statement.
The Saudi affiliate of Kuwait's Mobile Telecommunications Co, Zain, will raise SR7bn ($1.87bn) by selling shares to the public and a government fund from February 9 to 18, the CMA said.
The state-owned Public Pension Agency will take a fifth of the 700 million shares offered by Zain Saudi Arabia, which will start operating the kingdom's third mobile phone network this year, the CMA said.
The remaining shares, representing a 40 per cent stake, will be sold to Saudi nationals. The shares will be sold at SR10 each.
The Saudi government said last year that the Public Pension Agency and the General Organisation for Social Insurance (GOSI) would buy the 10 per cent stake together.
The CMA did not explain why GOSI had pulled out.
Inma seeks $2.8bn in largest Saudi IPO