(Bloomberg) -- Lenders and advisers including JPMorgan Chase & Co. and Citigroup Inc. are expected to share $21 million in fees from the Saudi stock exchange's initial public offering.
The U.S. banks along with SNB Capital, the investment-banking unit of Saudi National Bank, are the global coordinators and underwriters of Saudi Tadawul Group Holding's IPO. The offering expenses are estimated at about 80 million riyals ($21 million), according to the prospectus.
The fees compare with the $42 million that lenders and advisers including JPMorgan and Citigroup shared from ACWA Power International's IPO in September.
Read more: Banks Flocked to Saudi Arabia But Still Await IPO Fee Riches
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